NBP: freezing energy prices will delay inflation reaching target
22:13
Interest rate cuts in Poland are unlikely before October 2025 or later, according to NBP President Adam Glapiński. This delay stems from a new law freezing energy prices only partially in 2025. Inflation, influenced by regulatory and fiscal factors, is expected to remain above the target of 2.5% into late 2026. From mid-2025, additional costs like reinstated energy fees and the expiration of price caps will further raise household expenses and CPI inflation.
Despite moderate economic recovery and improved GDP growth expected in 2025, persistent double-digit wage growth and fiscal expansion will sustain inflationary pressures. Glapiński emphasized that discussions on easing monetary policy depend on clear stabilization and a downward inflation trend, which remains distant.
