/ Economy and Politics in Poland

National Bank of Poland interest rates in May 2024

National Bank of Poland interest rates in May 2024

Date10 May 2024

On April 8-9, 2024, a meeting of the Monetary Policy Council took place, during which it was decided to keep the interest rates unchanged.

Current National Bank of Poland interest rates:

  • reference rate at 5.75% on an annual basis
  • lombard rate at 6.25% on an annual basis
  • deposit rate at 5.25% on an annual basis
  • rediscount rate at 5.80% on an annual basis
  • discount rate at 5.85% on an annual basis

In the post-meeting release, the Monetary Policy Council notes:
“In Poland incoming monthly data suggest an increase in annual GDP growth in 2024 Q1 compared to 2023 Q4. A rise in retail sales indicates higher consumption growth, whereas a fall in industrial production as well as construction and assembly output marks lower investment growth. The labour market situation remains good and unemployment is low.

Although the number of working persons continues to be high, employment in the enterprise sector in March 2024 was lower than a year ago. At the same time, the annual wage growth continuous to be high. According to the Statistics Poland flash estimate, annual CPI inflation in April 2024 was 2.4% (against 2.0% in March 2024). The increase of inflation in annual terms was driven mainly by a stronger growth in prices of food and non-alcoholic beverages, due to a restoration of higher VAT, as well as by higher fuel prices.

Considering the Statistics Poland data, it can be estimated that inflation net of food and energy prices decreased again in April 2024. In March 2024, the annual fall in producer prices remained deep, which confirms the fading of most external supply shocks and a reduction of cost pressures. Together with the relatively low – despite some acceleration – economic activity growth, it limits the growth in consumer prices. The Council judges that the decrease in inflation is supported also by the appreciation of the zloty exchange rate, which is consistent with the fundamentals of the Polish economy.”

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