WARSAW--Poland's rate setters were worried about increased uncertainty surrounding the country's future inflation and growth, and the impact on the country's economy from the Russia-Ukraine conflict, minutes from the rate panel's July sitting showed Thursday.

During the sitting, which took place before Russia introduced an embargo on Polish agriculture and food products, the rate setters agreed that the conflict had a negative impact on the economy, although varied in estimating its importance.

Growth slowed to 3.2% annually in the second quarter from 3.4% in the first and analysts, judging by weak July data, expect it may be even slower in the coming quarters.

Minutes from the meeting confirmed that some rate panel members are willing to lower borrowing costs in the future faced with a stalling recovery and high level of real interest rates prolonging a period of consumer deflation. In July the consumer price index fell 0.2%

The rate council, one of the most conservative in Europe, has kept borrowing costs unchanged since July 2013 with the benchmark rate at 2.5%.

Originally the panel expected to tighten policy in the future, but an unexpected swing to deflation, slowing recovery in the European Union and intensifying conflict between Russia and Ukraine forced it to consider more monetary easing during its last sitting in July.

Write to Patryk Wasilewski at patryk.wasilewski@wsj.com