Poland Inflation

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Poland: Decrease in annual consumer prices steepens in September

October 20, 2015

In September, consumer prices fell 0.3% over the previous month, which was above August’s 0.4% decline. However, the reading matched market expectations. According to the Central Statistical Office (GUS), September’s softer fall mainly reflected that lower prices for clothing and footwear was more than offset by an increase in prices of communication.

Consumer prices dropped 0.8% annually in September, which was below the 0.6% drop tallied in August and marked the lowest reading in three months. As a result, inflation is further 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, fell 0.2% in September compared to the previous month (August: -0.1% month-on-month). Core inflation inched down from August’s 0.4% to 0.2% in September. Finally, core average inflation remained stable at August’s 0.4%.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.7% in 2015, which is down 0.1 percentage points from last month’s projection. In 2016, the panel expects inflation to accelerate to 1.5%, which is unchanged from last month’s projection.


Author:, Economist

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Poland Inflation Chart


Poland Inflation September 2015

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


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