The Monetary Policy Council (RPP) decided that the cost of money in Poland will not change. The NBP reference rate will still be 4%. This is important information for households and companies repaying loans, but also for people who keep money, e.g. in deposits.
How does the Monetary Policy Council explain its decision? In the statement, he draws attention to the possibility of a decline in inflation.
“Incoming information suggests a possible decline in CPI inflation in the first quarter of 2026 and its maintenance at a level consistent with the NBP inflation target in the coming quarters,” we read in the MPC statement.
The NBP inflation target is 2%. Low interest rates stimulate economic growth, but they can also contribute to price increases.
Inflation in December 2025 decreased to 2.4%. year to year (compared to 2.5% in November last year). In turn, inflation excluding food and energy prices in December amounted to 2.7%. year to year.
And economic growth? RR emphasizes that, according to the preliminary estimate of the Central Statistical Office, in 2025 the GDP dynamics amounted to 3.6%, which signals that in the fourth quarter of 2025 the economic growth was probably similar to that observed in the third quarter of 2025.
“Data from the labor market indicate that the growth of wages in the corporate sector – despite the increase in December – decreased over the last year. This was accompanied by a decline in employment in this sector,” we read in the release.
“The risk factors for the inflation outlook remain the shape of fiscal policy, the expected recovery in demand in the economy, further developments in wage dynamics and the macroeconomic situation abroad, including changes in commodity prices and global inflation,” we read further.
