After the publication of the data from the Central Statistical Office, the economists of PKO BP noted that wages have accelerated again above the level of rising inflation. Wages grew the most in transport, storage and agriculture.

The Central Statistical Office reported that the average gross salary in the enterprise sector in April 2022 amounted to PLN 6,626.43, which means an increase of 14.1% year–to–year. Employment in this sector increased by 2.8%.

“The average salary in the enterprise sector once again exceeded expectations and increased in April by 14.1% (year -to – year) to PLN 6,626.95 breaking the previous record from 2008. Wages accelerated again above the dynamics of rising inflation, and their level deviates more and more from the pre-pandemic upward trend, pointing to the intensification of wage demands”, wrote experts from the economic analysis department of PKO Bank Polski.

In terms of sectors, they indicated that wages grew the most in transport and storage (+ 24.3%) and agriculture (+ 19.2%).

“Interestingly, we can also see relatively high wage dynamics in cultural and entertainment activities (+18.9%) as well as accommodation and catering (+ 17.4%), which probably reflects accelerating inflation in these categories of the consumer inflation basket”. The analysts add that data from the enterprise sector may indicate a wage/price spiral.

For the assessment of this phenomenon in terms of the entire economy, it is important, however, what is happening with wages in the public sector and in microenterprises (the enterprise sector includes only 6.5 million out of approximately 16 million people working in the Polish economy). Meanwhile, the data for the first quarter of 2022 showed that the wage dynamics in the national economy amounted to 9.7%. y / y against 11.25% in the enterprise sector.

In the opinion of PKO BP economists, the employment data are also very positive, and the number of jobs per month increased by 12,000 which is slightly higher than it is usually at this time of year.

“This is probably partly the effect of employing refugees from Ukraine, but it is worth emphasizing that 70% of 130 thousand refugees are insured with ZUS and they work on a mandate contract. Only 30% are employed under a contract of employment working in micro-enterprises or the public sector.

Arkadiusz Słomczyński order