Poland Inflation

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Poland: Decrease in annual consumer prices moderates slightly in July

August 14, 2015

In July, consumer prices fell 0.1% over the previous month, which was below June’s flat growth and marked a five-month low. However, the reading overshot the 0.2% decrease that the markets had expected. According to the Central Statistical Office (GUS), July’s fall mainly reflected lower prices for transport, which more than offset higher prices for communication.

Consumer prices dropped 0.7% annually in July, which was slightly up from the 0.8% drop tallied in June and marked the highest reading in eight 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, increased 0.2% in July compared to the previous month (June: -0.1% month-on-month). Core inflation rose to 0.4% in July (June: 0.2%). Finally, core average inflation remained stable at June’s 0.4%.

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 July 2015

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


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