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Tuesday, September 25, 2007

Polish August 2007 Retail Sales

Polish retail sales rose at an annual 17.4 percent rate in August, this was the fastest annual pace in five months, as rising wages and increasing employment are encouraging spending. Retail sales rose 2 percent from July, according to data out today from the Polish statistics office.

The accelerating rate of economic growth has encouraged companies to increase hiring and wages have started to increase rapidly. This has raised central bankers' concerns that inflation is poised to pick up. The Monetary Policy Council raised its benchmark interest rate three times this year to keep inflation from exceeding its 2.5 percent target.

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