Biznes Fakty
Core inflation in June 2025. NBP data
The core inflation rate, which excludes food and energy costs, reached 3.4 percent on a year-on-year basis in June 2025, up from 3.3 percent the previous month, according to the National Bank of Poland.
As stated by the National Bank of Poland, the year-on-year inflation for June was:
– excluding controlled prices, it stood at 2.5%, the same as the previous month;
– excluding the most fluctuating prices, it was 4.5%, down from 4.6% a month prior;
– excluding food and energy costs, it was 3.4%, compared to 3.3% in the preceding month;
– the so-called 15% trimmed mean, which discards the impact of the lowest and highest 15% of price dynamics, registered at 3.7%, compared to 3.8% a month earlier.
The overall CPI for June was 4.1% year-on-year.
Core inflation
„The National Bank of Poland produces four core inflation indices monthly, which aids in understanding the nature of inflation in Poland. The CPI reflects the average price changes across a wide array of goods bought by consumers. The calculation of core inflation indices involves analyzing price shifts in various segments of this basket,” the NBP statement indicates.
The central bank clarified that the computation of core inflation indices enhances the identification of inflation sources and improves the accuracy of forecasting future trends. According to the NBP, it also helps in assessing how much of the inflation is persistent and how much is influenced by temporary price fluctuations due to unforeseen circumstances.
„Analysts frequently rely on the inflation rate that excludes food and energy prices. This metric reveals price trends for goods and services that are significantly affected by the monetary policy of the central bank. Energy prices (including fuels) are determined not by the domestic market, but by global markets, which can also be swayed by speculation. Food prices are largely contingent upon factors such as weather conditions and the current state of domestic and global agricultural markets,” the NBP statement concludes.
