NBP Post-Policy Statement: Rate cut should be seen as an adjustment and future decisions hinge on data, may intervene in the FX market

• The outlook for global activity and inflation is subject to uncertainty, related, in particular, to geopolitical situation.
• The annual GDP growth was positively affected by an increase in domestic demand, including consumption and investment.
• Annual wage growth in the enterprise sector in January 2026 was markedly lower than in the previous month.

Median Projections:

Inflation:

• 2026 --> 2.25% (prev. 2.95%)
• 2027 --> 2.4% (prev. 2.6%)
• 2028 --> 2.55%

GDP:

• 2026 --> 3.9% (prev. 3.65%)
• 2027 --> 2.9% (prev. 2.6%)
• 2028 --> 2.95%