The average salary in the enterprise sector (more than 9 people employed) increased by 10.4 percent in July of this year. y/y
The Central Bureau of Statistics reported that the average salary in the sector enterprises (with more than 9 employees) in July this year. increased by 10.4 percent. y/y, while employment in companies increased by 0.1 percent. y/y
Monthly average salary increased by 2%. and amounted to PLN 7,485.12. On the other hand, employment in enterprises remained unchanged on a monthly basis and amounted to 6,513.7 thousand. jobs, the announcement said.
The market consensus is 11.1 percent. y/y wage growth and 0.1 percent. increase y/y in case of employment.
Single-digit inflation coming soon?
Current inflation is 10.6 percent. means that prices are still rising four times faster than the National Bank of Poland’s inflation target of 2.5 percent. (with an acceptable deviation up or down by 1 percentage point).
According to the National Bank of Poland’s July projection, rising inflation will accompany us for at least two years. This year the average annual price growth rate will be 11.9 percent, in 2024 it is expected to slow to 5.2 percent and in 2025 it will fall to 3.6 percent. show the analyses.
This is the lowest inflation since March 2022. Experts believe we will see single-digit inflation in August.
There is no consensus among economists whether inflation will fall below 10 percent. in August or September. The risk factor is the prices of commodities, including crude oil. The fall in inflation may have an impact on the policy of the Monetary Policy Council. In his speech in July, the president pointed out that a drop in inflation below 10 percent would be a good idea. is one of the conditions for interest rate cuts. Waldemar Buda, Minister of Development and Technology, also spoke about the possibility of lowering interest rates.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.