Poland’s core inflation comes in at 4.3% y/y in November

Poland’s core inflation comes in at 4.3% y/y in November

Poland’s core inflation comes in at 4.3% y/y in November / bne IntelliNews

By bne IntelliNews December 17, 2024

Poland’s core inflation, an indicator that measures price growth without including food and energy, picked up its expansion rate to 4.3% year on year in November (chart) after a gain of 4.1% y/y the preceding month, the National Bank of Poland (NBP) said on December 16.

Rising prices of services drive core inflation in Poland, analysts say. The measure is “significantly exceeding the NBP’s inflation target now and is expected to ease in 2025, providing room for resuming interest rate cuts,” Bank Millennium said in a comment.

Core inflation eased its monthly expansion rate to 0.2% in November after adding 0.4% the preceding month, the NBP data also showed.

Meanwhile, Poland’s consumer price index (CPI) lessened its expansion rate to 4.7% y/y in November from 5% y/y in October, data from Poland’s statistical office GUS showed on December 13.

The NBP’s inflation target is 2.5%, with a deviation of 1pp either way.

In that context, the NBP is unlikely to ease monetary policy soon, but is expected to do so in mid-2025 once, and if, inflation has peaked in March.

The NBP’s reference rate has been at a 20-year high of 5.75% since October 2023.

#macro #Poland #inflation #coreinflation #CPI #NBP #monetarypolicy #interestrates

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