April wage data from the enterprise sector showed a clear slowdown in pay growth. Average gross wages in companies employing more than 10 people, excluding the public sector, increased by 5.4% year on year, compared with market expectations of 6.0%. The average gross wage amounted to PLN 9,530.74.
The latest data confirm a visible easing of wage pressure in the economy. Just a few quarters ago, rapid wage growth was seen as one of the main drivers of inflationary pressure. Today, this risk is clearly declining, especially in an environment dominated by the impact of an external supply shock in the energy market.
In this environment, the Monetary Policy Council is maintaining a cautious approach and remains in “wait and see” mode. This means that further decisions on interest rates in the coming months will depend primarily on incoming macroeconomic data, the extent to which inflation spreads to other areas of the economy, and the assessment of how persistent current inflationary processes prove to be.
