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Monday, August 18, 2008

Polish Wages Continue To Rise Strongly In July

Polish average corporate wages rose more than 10 percent for a seventh consecutive month in July, suggesting that interest rates will be raised in the future. Wages rose an annual 11.6 percent to 3,229 zloty ($1,425), compared with a 12 percent rate in June, according to the Central Statistical Office today. Wage growth has been the main gauge of inflationary pressure by the Narodowy Bank Polski, which has so sar boosted its benchmark rate eight times since April last year, to the current rate of 6 percent.

Employment was up 4.7 percent from a year in July, and rose 0.2 percent on the month. Unemployment is thought to have fallen to 9.4% in July, down from June's 9.6%. Poland's inflation rate rose in July close to a seven-year high as accelerating wage growth spurred consumer demand. The annual rate rose for a third consecutive month to 4.8 percent from 4.6 percent in June.

The inflation rate may rise in August to as high as 5.1 percent, according to the central bank forecast.

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