Poland's Monetary Policy Council is more likely to trim interest rates in November after the September macroeconomic data but the scale of overall expected loosening will not be large due to persistently elevated inflation, MPC member Jan Winiecki said as quoted by the daily Dziennik Gazeta Prawna.

"Inflation is still close to 4%, that is why rate cuts, irrespective of whether they are done in small steps or a single bigger one, won't be considerable any way," Winiecki said but did not rule out further cuts as the inflation rate falls.

His colleague Andrzej Bratkowski concurred, pointing to industrial output entering a negative territory, rising unemployment and below-inflation real wage growth.

Poland's September industrial output decreased by 5.2% year on year in September vs. a 3.8% y/y decline expected, on a monthly increase of 6.1%, the Central Statistical Office (GUS) said on Wednesday.

September corporate wage growth was up by 1.6% year on year and down by 1.2% month on month, against expectations for a 2.7% growth year on year and a monthly decrease of 0.1%.

Poland's September consumer prices were up 3.8% year on year.