Poland's CPI uncertainty factors include administered prices, wage growth slowdown - c. bank
According to the report on monetary policy guidelines for 2026, published by Poland's central bank NBP on Friday, the development of administered prices and the pace of slowdown in wage growth are among the main factors contributing to inflation uncertainty.
"A significant uncertainty factor for inflation in Poland is the development of administered prices, including in particular the level of the new tariffs for electricity, gas and heat. Uncertainty about energy prices also arises due to changes in global commodity prices," Poland's central bank pointed out in the report.
The NBP added that the uncertainty about the labour market situation and the pace of the slowdown in wage growth is another important aspect for inflationary processes.
The National Bank of Poland listed the shape of 2026 fiscal policy as another important uncertainty factor for future economic conditions and inflation.
According to the central bank, in the context of the domestic economic conditions, future growth in investment is another important source of uncertainty, which will largely depend on the use of EU funds and the outlook for demand.
ao/