Polish Central Bank Holds Rates Steady as Fuel Drives Inflation Higher
The National Bank of Poland (NBP) kept benchmark interest rates unchanged at 3.75% on September 9 as inflation climbed to 3.4% in August, driven by elevated fuel and energy prices. The decision signals a pause on further rate changes despite price pressures.
Poland's Monetary Policy Council maintained its reference rate at 3.75% today, a level it has held since March 2026, according to Bloomberg's survey of all 34 economists who correctly predicted the decision. The move comes as August inflation printed at 3.4% year-on-year, up from 3.0% in July and marking the highest reading since June 2025, according to Central Bank data.
Fuel prices drove much of the acceleration, with motor fuel inflation jumping to 24.2% annually in August from 15.8% in July. Energy, gas, and electricity costs also climbed, registering 4.1% annual growth versus 4.0% the prior month. Food prices were the sole bright spot, actually declining 0.9% year-on-year.
What This Means for Your Costs
The steady interest rate environment keeps mortgage costs stable for now, but elevated fuel and utility inflation directly hits household budgets. If you receive a salary in foreign currency (EUR, USD, GBP), the zloty's recent stability has been slightly favorable—the euro-to-zloty rate ranged between 4.31 and 4.34 over the past week. However, energy costs and transport expenses will remain higher than a year ago, affecting both renters' utility bills and anyone commuting or commuting for work. Watch for the Governor's full press conference on Thursday for signals on whether rates might shift before year-end.
Sources
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