Poland Inflation


Poland: Inflation holds at record low in May

June 13, 2014

In May, consumer prices fell 0.1% over the previous month. The reading came in below the flat reading that was observed in April and was in line with market expectations. According to the Central Statistical Office (GUS), the result was driven by lower prices for recreation and culture, food and non-alcoholic beverages, and for transport.

Annual headline inflation inched down from 0.3% in April to 0.2% in May, which was below market expectations of a 0.5% increase and matched the record low tallied in June 2013. Inflation is well below the Central Bank’s target of 2.5% with a tolerance margin of plus/minus 1.0 percentage points. Meanwhile, the core consumer price index, which excludes food and energy prices, increased 0.3% over the previous month in April (the latest month for which data are available). Annual core inflation fell from 1.1% in March to 0.8% in April.

The Central Bank expects inflation to end 2014 at 1.7% and to increase to 1.9% by the end of 2015. FocusEconomics Consensus Forecast panelists expect inflation to end 2014 at 1.3%, which is down 0.5 percentage points from last month’s projection. In 2015, the panel expects inflation to accelerate to 2.2%.

Author:, Economist

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Poland Inflation Chart

Poland Inflation May 2014

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

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