The National Bank of Poland held its benchmark interest rate at 4% at its first meeting of 2026, pausing the cumulative 175 basis points of rate cuts implemented in six steps last year. Annual inflation eased to 2.4% in December 2025, its lowest level since April 2024, slightly below the NBP’s 2.5% ±1 percentage point target range. However, the central bank noted that it remains to be seen whether the decline in inflation is sustainable over the longer term.