Inflation in Poland
Consumer price inflation in Poland averaged 2.8% in the ten years to 2022, below the Eastern Europe regional average of 7.7%. The 2022 average figure was 14.3%. For more inflation information, visit our dedicated page.
Poland Inflation Chart
Poland Inflation Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 1.7 | 2.3 | 3.4 | 5.1 | 14.3 |
Inflation (CPI, ann. var. %, eop) | 1.1 | 3.4 | 2.4 | 8.6 | 16.6 |
Inflation (Core, ann. var. %, eop) | 0.6 | 3.1 | 3.7 | 5.3 | 11.5 |
Inflation falls to over two-year low in January
Inflation came in at 3.9% in January, which was down from December’s 6.2%. January's figure marked the weakest inflation rate since March 2021. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a weaker pace in January, while prices for housing, water, electricity, gas and other fuels were steady. Meanwhile, transportation prices shrunk at a quicker pace. Annual average inflation fell to 10.5% in January (December: 11.6%). Meanwhile, . Finally, consumer prices rose 0.40% over the previous month in January, picking up from December's 0.10% increase.
Commenting on the outlook for inflation and interest rates, ING’s Rafal Benecki and Adam Antoniak stated: “Should the 'inflationary overhang' associated with frozen electricity and gas for households materialise in the second half of the year, the inflation outlook for 2025 would clearly improve. That would increase the chances of inflation moving towards the NBP's target over the medium term and may make some room for monetary easing, as suggested by some MPC members. Given the uncertainty over discretionary decisions, our baseline scenario currently assumes that interest rates will remain unchanged until the end of 2024.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Polish inflation projections for the next ten years from a panel of 30 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Polish inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Polish inflation projections.
Want to get access to the full dataset of Polish inflation forecasts? Send an email to info@focus-economics.com.
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