Polish wage growth still too high from inflation point of view, says c.bank governor
Wage growth in Poland is still too high from the point of view of inflation, central bank NBP governor Adam Glapinski told a press conference following the MPC decision-making meeting held on October 7-8.
"In August, wage growth in the corporate sector was 7.1 percent, with real wage growth above 4 percent. This means that, on average, wages across the economy rose by more than 8 percent. This is less than the double-digit growth of 10-11 percent we saw earlier, but it is still much higher than labour productivity. This is growth that drives inflation and is pro-inflationary," said Glapinski.
"The baseline scenario is a further slowdown in wage growth, which is happening gradually and is favourable from a monetary policy perspective. We will see how this process continues," he added.
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