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2025-09-18 16:21:59
Poland's August PPI decline narrows, wage growth slows, and employment continues to decline. (1) Polish statistics show that the Producer Price Index fell 1.2% year-on-year in August, exceeding market expectations for a 0.9% drop but narrowing from the previously revised 1.3% decline, marking the mildest producer deflation in five months. By industry, the decline in prices in mining and quarrying narrowed to 6.9%, while manufacturing saw a 1.1% drop. Electricity, gas, and air conditioning supply fell 0.8%, while water supply and waste management costs accelerated to 2.6%. Month-on-month, the PPI fell 0.4% in August, compared with a previous 0.2% decline. (2) Corporate wages grew 7.1% year-on-year in August, below market expectations of 7.8% and slowing from 7.6% in July. This marked the lowest growth rate since February 2021. Average gross wages for the month were 8,769.08 złoty, a 1.5% month-on-month decrease, primarily due to a reduction in additional payments such as bonuses, anniversary bonuses, and retirement benefits. Year-to-date, corporate sector wages have increased by 8.2%. Regarding employment data, corporate employment fell by 0.8% year-on-year to 6.42 million, in line with market forecasts and following a previous 0.9% decline, marking the 25th consecutive month of decline. Month-on-month, it fell by 0.2%, compared to a 0.1% drop in the previous month. Meanwhile, average gross wages rose by 7.1% year-on-year to PLN 8,769.1.
