Poland Inflation


Poland: Inflation inches up in June, but stays well below target

July 15, 2014

In June, consumer prices were flat compared to the previous month. The reading came in above the 0.1% fall that was observed in May and overshot the 0.1% decline that the market had expected. According to the Central Statistical Office (GUS), much higher prices for communications were offset by lower prices in a number of categories, including clothing and footwear and furnishing and household equipment.

Annual headline inflation inched up from 0.2% in May to 0.3% in June, which was just above market expectations of 0.2%. May’s reading had matched the record low that was 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, was flat over the previous month in May (the latest month for which data are available). Annual core inflation held steady at April’s 0.8% in May.

The Central Bank expects inflation to end 2014 at 0.2% and to increase to 1.4% 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 June 2014

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

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