The Polish MPC left interest rates unchanged today, but recent comments from Governor Glapinski suggest that he is becoming increasingly concerned about the strength of the labour market. We think this is justified and expect strong wage growth to feed into a pick-up in inflation over the coming months, triggering the first rate hike later this year. Elsewhere, Romania’s MPC continued its monetary tightening cycle and we think interest rates will be raised by more than most expect over the rest of this year.
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