In December 2025, average wages in the enterprise sector rose by 8.6% year-on-year. This result is significantly better than market expectations, which had projected growth of around 6.9%. The average gross wage in companies employing at least 10 people—excluding the public sector (e.g., administration, education, and healthcare)—reached PLN 9,583.
Such strong wage momentum is particularly significant in the context of the inflation landscape. At the end of 2025, consumer inflation fell to 2.4% year-on-year, thus falling within the National Bank of Poland’s (NBP) inflation target. Nevertheless, the Monetary Policy Council notes that wage pressure remains one of the key risk factors for future inflation, alongside the high budget deficit.
However, the financial market remains calm. Investors continue to anticipate two further interest rate cuts in the coming months, which could bring the main NBP rate down to around 3.5% within the first half of this year. This indicates that the market has greater confidence in a sustained decline in inflation than in a scenario of its rapid resurgence.
