Poland Inflation October 2016

Poland

Poland: Consumer prices record smallest annual drop in over two years in October

November 14, 2016

According to more complete data, consumer prices rose 0.5% over the previous month in October, which followed the flat growth recorded in September and matched the preliminary estimate released on 31 October. The increase was due to higher prices for clothing and footwear as well as for food, beverages and tobacco.

In annual terms, consumer prices dropped 0.2% in October, which was a less pronounced decline than the 0.5% fall recorded in September and matched the preliminary estimate. October’s figure marked the smallest decrease since July 2014. Inflation remains well below the Central Bank’s target of 2.5% with a tolerance margin of plus/minus 1.0 percentage point. Meanwhile, annual average variation in consumer prices was stable at September’s minus 0.8%.

Core consumer prices rose 0.4% over the previous month, an 18-month high (September: -0.2% month-on-month). On an annual basis, core consumer prices fell 0.2%, a less pronounced drop than the 0.4% decline seen in the previous month.

FocusEconomics Consensus Forecast panelists expect consumer prices to fall 0.7% in 2016, which is down 0.1 percentage points from last month’s projection. In 2017, the panel expects inflation to average 1.3%, which is also down 0.1 percentage points from last month’s estimate.


Author: Angela Bouzanis, Senior Economist

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Poland Inflation October 2016 0

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


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