Poland Inflation


Poland: Decrease in annual consumer prices moderates slightly in June

July 15, 2015

In June, consumer prices recorded zero growth over the previous month, mirroring May’s result. The reading undershot the 0.1% increase that the markets had expected. According to the Central Statistical Office (GUS), June’s flat reading mainly reflected higher prices for transport, which were offset by lower prices for clothing and footwear as well as communication.

Consumer prices dropped 0.8% annually in June, which was slightly up from the 0.9% drop tallied in May and marked the highest reading in seven 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, decreased 0.1% in June compared to the previous month (May: 0.0% month-on-month). Core inflation moderated to 0.2% in June (May: 0.4% year-on-year) As a consequence, core average inflation inched down from May’s 0.5% increase to a 0.4% rise in June.

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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