Trump has reached his first country in the EU with zero inflation, and Polish wages lose impetus

Behind us is the Fed's decision, a package of macroeconomic data from the Polish economy and interesting Eurostat data. Here is a week in charts.

The Federal Open Market Committee decided to reduce the federal fund rate. This is the first foot reduction this year at the US central bank. US President Donald Trump demanded such a decision for months.

The August inflation of CPI finally turned out to be slightly higher than originally reported. The increase in prices of services, which was accompanied by a decrease in fuel prices, is still unacceptable.

August brought a return to the inheritance trend of base inflation in Poland, bringing this price increase to the lowest level from January 2020. However, “base” prices are still rising faster than the NBP inflationary purpose would allow.

In August 2025, the highest HICP inflation among all European Union countries was again recorded in Romania. But this time, the first zero inflation result in the country of community was the first sensation in many years.

The August statistics from the Polish labor market, like in June, disappointed economists. Employment is still decreasing, which is accompanied by a falling annual dynamics of average pay in the enterprise sector.

GUS data on the subject of August industrial production in Poland showed the expected slowdown in annual dynamics and a very clear decrease in a monthly basis, which, however, resulted from calendar effects.

Nominal hourly labor costs in the second quarter in Poland increased by 9.5 percent. yard, after an increase of 11.2 percent yard in the first quarter of IO 13.8 percent in the fourth quarter of 2024 – Eurostat said.

8. Prices of apartments are still committing. “Stabilization at least until the end of the year”

After four quarters with stable transaction prices of apartments, he does not promise to change. According to the latest reading of the urban.one index, also at the beginning of Q3 2025, the rates only slightly twitched.

9. Houses without permits come out of hiding. Most had less than 70 sq m.

Wiło 2025, Poles began the construction of 1876 single -family houses based on a notification, i.e. without the need to apply for a building permit – according to the data of the Central Office of Construction Supervision. This is the highest result in nine years. Most were small houses with an area of ​​up to 70 sq m.

Recent weeks have brought a continuation of the trend of improving the mood of Polish consumers. Optimism concerns not only the current financial situation of households, but also prospects for the whole country. A record high tendency to save money is also significant.

ed. KWS

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