NBP leaves rates unchanged, but a hike is possible in November

The Monetary Policy Council left NBP interest rates unchanged — borrowing at the central bank remains the cheapest in more than four years. Most economists expected this.

But in September inflation reached 4% and for the first time in more than a year went outside the permitted band around the NBP target (2.5% ± 1 pp). Pekao bank analysts believe rates could be raised in November, when the council sees the new inflation projection.

For those with a floating-rate loan, this means payments are not changing for now.