The Monetary Policy Council’s notes from previous meetings have included concern about continuing inflationary pressures from energy prices as a key reason for caution in cutting interest rates.

The decision by the National Bank of Poland not to change rates comes after a June consumer price index reading of 2.6%, up from 2.5% in May. This is well within the central bank’s target inflation range of 2.5%, with a 1.0 percentage point margin either way.

The European Central bank cut its own interest rate to 3.75% in June.

More information on the rationale behind the central bank’s decision will be released later on Wednesday and during a press conference with its governor, Adam Glapiński, on Thursday afternoon.