波兰国内价格压力温和，家庭购买力承压

关键论点

• 8月工资同比增速放缓至5.6%，证实经济中的工资压力有限。
• 由于燃料价格上涨和名义工资增长放缓，实际可支配收入承压，私人消费正在放缓。
• 固定投资保持强劲，受建筑业产出同比增长6.7%和土木工程同比激增29%支撑。
• 预计2026年下半年经济增长构成将转向固定投资，私人消费的作用有所减弱。

对应原文证据

1. The main upside risk to inflation stems from the energy shock and its potential spillover into the prices of other goods and services.
2. In August, construction output increased by 6.7% YoY, with civil engineering activity surging by 29% YoY as projects financed under the National Recovery Plan (NRP) gathered further momentum.
3. Economic outlook remains solid In the second half of 2026, the composition of economic growth is expected to shift more towards fixed investment, with private consumption playing a somewhat smaller role. · 2026