NBP Minutes (Jul): Members say prices may rise in the coming months, primarily due to higher VAT and fuel excise tax

CPI inflation should return to around 2.5% in the second half of 2027 and may be even lower in the longer term. The inflation outlook is subject to uncertainty related to commodity prices and fiscal policy. The latest wage data confirms a slowdown in wage growth. The projected economic growth rate in the coming years should not generate excessive inflationary pressure, according to July minutes. The July projection suggests a slowdown in wage growth in the Polish economy.