Poland Inflation


Poland: Consumer prices continue to fall in annual terms in October

November 13, 2014

In October, consumer prices recorded flat growth over the previous month. The reading mirrored the result observed in September and undershot the 0.2% increase that markets had expected. According to the Central Statistical Office (GUS), October’s print resulted from higher prices for clothing and education, which were offset by lower prices for food, transport and health care.

Consumer prices dropped 0.6% annually in October, which came in below the 0.3% decline recorded in September and represented the lowest reading on record. As a result, inflation remains 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 October. Annual core inflation inched up from the flat growth recorded in September to 0.2% in October.

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 0.2% in 2014, which is down 0.1 percentage points from last month’s projection. In 2015, the panel expects inflation to accelerate to 1.2% which is down 0.2 percentage points from last month’s Consensus.

Author:, Economist

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Poland Inflation Chart

Poland Inflation October 2014

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

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