Poland Inflation


Poland: Annual consumer prices drop below zero for the first time in more than 30 years in July

August 13, 2014

In July, consumer prices fell 0.2% compared to the previous month. The reading came in below the flat reading that was observed in June, but met market expectations. According to the Central Statistical Office (GUS), the monthly drop was driven primarily by lower prices for clothing and footwear.

On an annual basis, consumer prices dropped 0.3% in July, which contrasted the 0.2% increase recorded in June. The reading represented the first annual drop in prices in more than 30 years. Inflation is drastically well below the Central Bank’s target of 2.5% with a tolerance margin of plus/minus 1.0 percentage points. Meanwhile, the core consumer price index, which excludes food and energy prices, increased 0.2% over the previous month in June (the latest month for which data are available). Annual core inflation increased from 0.8% in May to 1.0% in June.

The Central Bank expects inflation to end 2014 at 0.2% and to increase to 1.4% by the end of 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 0.6% in 2014, which is down 0.1 percentage points from last month’s projection. In 2015, the panel expects inflation to accelerate to 1.9%.

Author:, Economist

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Poland Inflation Chart

Poland Inflation July 2014

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

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