Poland Inflation


Decrease in annual consumer prices softens in November

In November, consumer prices fell 0.1% over the previous month, which contrasted October’s 0.1% increase. The reading matched market expectations. According to the Central Statistical Office (GUS), November’s decrease mainly reflected that lower prices for food as well as clothing and footwear more than offset an increase in prices of communication and health.

Consumer prices dropped 0.6% annually in November, which was above the 0.7% drop tallied in October and marked a three-month high. As a result, inflation remains below the Central Bank’s target of 2.5% with a tolerance margin of plus/minus 1.0 percentage point. Meanwhile, the core consumer price index, which excludes food and energy prices, fell 0.1% in November compared to the previous month (October: +0.2% month-on-month). Core inflation inched down from October’s 0.3% to 0.2% in November. Finally, core average inflation ticked down from October’s 0.4% to 0.3% in November.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.8% in 2016, which is unchanged from last month’s projection. In 2017, the panel expects inflation to accelerate to 1.2%.

Author:, Economist

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Poland Inflation Chart

Poland Inflation November 2015 0

Note: Annual and monthly variation of consumer price index in %.
Source: Central Statistical Office (GUS).

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