April wage data from Poland’s enterprise sector showed a clear slowdown in pay growth. Average gross wages in companies employing more than 10 people, excluding the public sector, rose by 5.4% year on year, compared with market expectations of 6.0%. The average gross wage reached PLN 9,530.74.
The latest figures confirm that wage pressure in the economy is visibly easing. Just a few quarters ago, rapid wage growth was seen as one of the main sources of inflationary pressure. Today, that risk is clearly diminishing, particularly as external supply shocks in the energy market remain a dominant factor.
In this environment, Poland’s Monetary Policy Council is maintaining a cautious stance and remains in a “wait and see” mode. This means that decisions on interest rates in the coming months will depend primarily on incoming macroeconomic data, the extent to which inflation spreads to other parts of the economy, and the assessment of whether current inflationary processes are likely to persist.
