National Bank of Poland interest rates in May 2026
On May 5-6, 2026, the Monetary Policy Council held a meeting during which it decided to keep the National Bank of Poland (NBP) interest rates unchanged.
MONETARY POLICY COUNCIL
NBP Interest Rates — May 2026
BENCHMARK
3.75% p.a.
4.25% p.a.
3.25% p.a.
3.80% p.a.
3.85% p.a.
Source: Narodowy Bank Polski (NBP)
MACROECONOMIC SNAPSHOT
Key Indicators Behind the Decision
CPI INFLATION
3.2% y/y
April 2026 (flash estimate) — up from 3.0% in March
MAIN DRIVER
Fuel prices ↑
Higher annual fuel growth driven by Middle East conflict
GDP SIGNAL Q1 2026
Growth slowed
Annual GDP growth in Q1 most probably decelerated
LABOUR MARKET
Wages ↓ Jobs ↓
Wage growth eased; employment fell in enterprise sector
Source: Narodowy Bank Polski (NBP) · Statistics Poland (GUS) · May 2026
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, in March 2026, retail sales, industrial output as well as construction and assembly production increased in annual terms. However, data available since the beginning of 2026, taken together, signal that annual GDP growth in 2026 Q1 most probably slowed down. Annual wage growth in the enterprise sector in Q1 was lowered that in the previous quarter, which was accompanied by a further fall in employment in this sector.
According to the Statistics Poland flash estimate, in April 2026 CPI inflation amounted to 3.2% y/y (against 3.0% y/y in March). The increase in annual inflation compared to the beginning of 2026 stemmed mainly from higher annual growth in fuel prices resulting from the conflict in the Middle East. Considering the Statistics Poland preliminary data, it can be estimated that in April 2026 also core inflation increased.
Against this background, and amidst uncertainty regarding future developments in geopolitical situation and their impact on the economy, the Council decided to keep the NBP interest rates unchanged.”
Source:
Press release from the meeting of the Monetary Policy Council
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