Poland Raises Interest Rates

Poland's central bank decided Wednesday to raise interest rates by a quarter percentage point amid rising inflation.

The National Bank of Poland said it was increasing its benchmark seven-day intervention rate to 5 percent from 4.75 percent, effective Thursday.

The rise had been widely expected after the bank kept rates on hold for the last two months. It made quarter-point increases in April, June and August.

Recent data have shown large increases in corporate wages. In addition, food prices helped drive Poland's annual inflation rate to 3 percent in October from 2.3 percent in September - well above the central bank's inflation target of 2.5 percent.

Source: forbes.com