Poland Inflation


Poland: Consumer prices fall in September over the same month last year

October 21, 2014

In September, consumer prices recorded flat growth over the previous month. The reading came in above the 0.4% decline observed in August, and slightly overshot the 0.1% fall that markets had expected. According to the Central Statistical Office (GUS), September’s print reflected that lower prices for fuel offset higher prices in clothing.

On an annual basis, consumer prices dropped 0.3% in September, which mirrored the result recorded in August 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, also recorded flat growth in September over the previous month. Annual core inflation edged up from 0.5% in August to 0.7% in September.

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 1.3% which is down 0.2 percentage points from last month’s projection.

Author:, Economist

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Poland Inflation Chart

Poland Inflation September 2014

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

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