The average salary in the enterprise sector in March 2024 increased by 12% year-on-year. The rise in average salaries was significantly influenced by an increase in the minimum wage, as well as pay raises in the public sector.
The strong nominal wage growth, coupled with declining inflation, means that salaries are also rising in real terms. The real wage growth approached 10%. This substantial real increase in wages may translate into a significant rebound in consumption.
Labor market data certainly influences the decisions of the Monetary Policy Council (RPP). It appears that these figures are a strong argument against cutting interest rates this year.
Bartosz Wałecki, Analyst at Michael / Ström Brokerage House
