Poland Inflation

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Poland: Decrease in annual consumer prices moderates in April

May 15, 2015

In April, consumer prices increased 0.4% over the previous month, inching up from March’s 0.2% increase and marking the highest value in three years. The reading also overshot the 0.2% increase that the markets had expected. According to the Central Statistical Office (GUS), April’s increase mainly reflected higher prices for clothing and footwear. Conversely, prices for health and education remained stable compared to the previous month.

Consumer prices dropped 1.1% annually in April, which was slightly up from the 1.5% drop tallied in March. 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, increased 0.4% in April compared to the previous month, the highest rise since October 2013 (March: 0.1% month-on-month). Despite the slight improvement, core inflation remained at March’s 0.5% in April.

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 April 2015

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


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