The National Bank of Poland (NBP) Monetary Policy Council held the reference rate at 3.75% against a backdrop of rising inflation and stronger economic growth. The rate has been unchanged since a 25-basis-point cut in March, following earlier 25-bp cuts in October-December 2025. Consumer price inflation rose to 3.4% year on year in August from 3.0% in July, mainly because of fuel prices, while core inflation was also estimated to have increased. GDP growth accelerated to 3.9% in the second quarter from 3.5% in the first, supported by faster investment growth despite slower consumption, while wage growth eased and enterprise-sector employment continued to decline. Inflation in major advanced economies has risen since the start of 2026 because of higher energy commodity prices, with the Middle East conflict adding uncertainty to the global outlook. Further decisions will depend on incoming inflation and activity data, with global commodity prices, fiscal policy, domestic growth and wages among the key risks, and NBP may intervene in the foreign exchange market.
2026-09-09Central Bank of Poland
National Bank of Poland Holds Reference Rate at 3.75%
The National Bank of Poland held its reference rate at 3.75% as annual inflation rose to 3.4% in August and second-quarter GDP growth accelerated to 3.9%. Further decisions will depend on inflation and activity data, with commodity prices, fiscal policy, domestic growth and wages among the key risks.