Unexpected rate hike in Poland

Poland's central bank surprised markets with a second rate hike for this year on 28 June, citing concerns that wage growth will force companies to boost prices.

The Monetary Policy Council lifted the benchmark seven-day reference rate a quarter point to 4.5%

``It is possible that wage pressure will continue to grow, strengthening inflation pressure,'' the council said in a statement after the meeting.

The inflation rate, at 2.3% in May, is nearing the central bank's mid-range target rate of 2