2025-12-20 06:00
publication
2025-12-20 06:00
The last week before Christmas was full of interesting and strong data. We learned the latest data from the labor market and received information about industrial production and inflation. Some were surprising.
The latest statistics from the Polish labor market were completely different from economists' expectations. Wage dynamics significantly exceeded the market consensus. Employment also increased quite unexpectedly.
According to data published on Thursday by the Central Statistical Office, November brought a significant deterioration in the situation in the Polish industry. The reading result missed expectations by more than 3 percentage points. However, this surprising result was largely influenced by seasonal factors.
This was the sixth reduction in this cycle. The Bank of England's interest rate was reduced by 25 basis points, as expected by most economists. But the result of the December vote confirmed the existence of a sharp division among decision-makers.
In November 2025, developers started the least number of new construction projects in 2.5 years – according to data from the Central Statistical Office. Although on the one hand this is a seasonal slowdown, on the other hand it is exceptionally deep compared to recent years. Traditionally, the end of the year brings the highest results in the case of apartments put into use.
For the first time in 6 years, core inflation in Poland was below 3% and reached close to the 2.5% target of the National Bank of Poland. It is the lowest in 6 years.
In November, CPI inflation in Poland amounted to 2.5% and thus perfectly matched the target of the National Bank of Poland. The prices of services continued to increase very rapidly, while the prices of goods increased slightly.
The third quarter in a row is behind us with an increase in average transaction prices of building plots – according to data from Bankier.pl provided by Cenatorium. Excluding the end of last year, rates have been increased continuously for almost three years, which makes (with one exception) land for building houses by far the most expensive in history. We check how much you have to pay to build on your land.
At its December meeting, the Governing Council of the European Central Bank again decided to keep interest rates unchanged. This means that the ECB deposit rate was below HICP inflation for the previous 12 months.
We invite you to use the new tool on our website – the Bankier.pl Index of Fear and Greed. The indicator can help investors assess the current emotions prevailing on the domestic stock exchange and financial market.
After a break of almost two months, we finally received official inflation statistics from the world's largest economy. And these were truly sensational data. If data from the government's Bureau of Labor Statistics are to be believed, U.S. inflation has all but disappeared in the previous two months.
prepared by COGS
