The average salary in the enterprise sector in July 2024 increased by 10.6% year on year. The reading turned out to be lower than the forecasts (10.8%).
Despite a slightly weaker reading, the nominal wage dynamics remain in double digits. It should be noted that the decline in July’s wage dynamics is largely due to lower bonuses in mining, in other sectors the dynamics remain significantly higher.
It seems that such data may continue to be an argument for the Monetary Policy Council (RPP) in terms of maintaining a restrictive monetary policy for some time.
The real dynamics of wages, however, are falling month by month. There are two opposing trends at work here. On one hand, the annual wage dynamics are slowing down, on the other hand, inflation is growing.
Bartosz Wałecki, Analyst, Michael / Ström Stockbroker House
Source: https://ceo.com.pl/polska-dynamika-plac-spowalnia-inflacja-rosnie-66906
