Poland Inflation

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Poland: Decrease in annual consumer prices moderates in March

April 15, 2015

In March, consumer prices increased 0.2% over the previous month, thus rebounding from February’s 0.2% decrease and marking the highest value since July 2013. The reading undershot the 0.4% increase that the markets had expected. According to the Central Statistical Office (GUS), March’s increase mainly reflected higher prices for transport as well as for clothing and footwear. Conversely, prices for recreation and culture decreased compared to the previous month.

Consumer prices dropped 1.5% annually in March, which was slightly up from the 1.6% drop tallied in February. 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 0.1% in March compared to the previous month. Despite the slight improvement, core inflation inched down from February’s 0.4% to 0.2% in March.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2015, which is unchanged from last month’s projection. In 2016, the panel expects inflation to accelerate to 1.0%.


Author:, Economist

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Poland Inflation Chart


Poland Inflation March 2015

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


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