The Monetary Policy Council decided to leave the NBP rate unchanged.
Below we provide information about the decisions of the Monetary Policy Council.
A meeting of the Monetary Policy Council took place on 4 and 5 June 2024.
The Council has set the NBP interest rates at the following levels:
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reference interest rate 5.75 percent on an annual basis
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Lombard rate 6.25% per year
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deposit interest 5.25% per year
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rediscount rate of bills 5.80% per year
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exchange discount rate 5.85% per year
Inflation in Poland
The National Bank of Poland recently published the latest data on inflation in Poland. Core inflation excluding food and energy prices was 4.1%. in April 2024 on an annual basis compared to 4.6 percent y/y in the previous month – filed.
The Ministry of Finance announced in mid-March that the zero VAT rate on some foods will not be extended due to falling inflation. According to expert calculations, a return to the 5 percent rate. VAT on fruit, vegetables, meat, dairy products and grain products, among other things, costs an average Polish family 800 to 1000 PLN per year.
However, it appears that the return of the old VAT rate has – at least for the time being – been less serious thanks to the ‘price war’ between the largest food discount stores. “Despite the 5% VAT refund on food from April, last month ended with a price increase of just 0.3 percentage points above March’s value. This is a direct result of the war between Lidl and Biedronka, but the increases were only postponed. ” he points out. Republic”.
By how much have Poland’s wages increased?
In turn, the latest data from the Central Bureau of Statistics shows that the average salary in the corporate sector (in which the number of employees exceeds 9 people) increased by 11.3 percent y/y in April this year, while the employment in companies fell by 0.4%.
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.
