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Bank BPH Calls Polish Wage Data ‘Red Light’ for the Central Bank

Maja Goettig, chief economist at Bank BPH SA in Warsaw, comments on data showing Polish average gross wages rose an annual 5.9 percent in April. The median estimate of 21 economists surveyed by Bloomberg was for 4.7 percent increase.

“In real terms, wage growth is still pretty moderate. But today’s data could still be a red light for the Monetary Policy Council because if this trend continues, it could raise central bank concerns about second-round effects.

“With inflation as high as it is, employees may want to push more for bigger salaries.

“We expect the next rate hike in July, before the Monetary Policy Council leaves for its summer break.”

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