Poland Inflation

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Poland: Decrease in annual consumer prices moderates further in May

June 15, 2015

In May, consumer prices recorded zero growth over the previous month, falling from April’s 0.4% increase and marking the lowest value in three months. The reading also undershot the 0.2% increase that the markets had expected. According to the Central Statistical Office (GUS), May’s flat reading mainly reflected higher prices for transport, which was offset by lower prices for communication and culture.

Consumer prices dropped 0.9% annually in May, which was slightly up from the 1.1% drop tallied in April and marked the highest reading in six months. As a result, inflation is still far below the Central Bank’s target of 2.5% with a tolerance margin of plus/minus 1.0 percentage point. Meanwhile, the core consumer price index, which excludes food and energy prices, recorded zero growth compared to the previous month in May (April: 0.4% month-on-month). Despite the slight decrease, core inflation remained at April’s 0.5% in May.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.5% in 2015, which is down 0.2 percentage points from last month’s projection. In 2016, the panel expects inflation to accelerate to 1.6%.


Author:, Economist

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Poland Inflation Chart


Poland Inflation May 2015

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


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