NBP Minutes: Most said labour market is less tight and this is reflected in lower wage growth; members said inflation outlook is uncertain, even in short-term
- Supply shock caused by war in Middle East raises CPI in short-term but also negatively affects economic activity.
Context
The NBP minutes suggest that most members believe the labor market is easing, which is leading to lower wage growth. This perception of reduced labor market tightness, combined with an uncertain inflation outlook influenced by geopolitical supply shocks, could signal a need for caution in future monetary policy, particularly with respect to interest rates.
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