Biznes Fakty
Core inflation (March 2025). New NBP data
The core inflation rate, which excludes food and energy prices, was reported by the National Bank of Poland to be 3.6 percent year-on-year in March 2025. This figure remained unchanged from February.
The NBP reported that the CPI inflation rate for March 2025 stood at 4.9% year-on-year.
Core Inflation: NBP Data
The NBP’s press release highlighted that year-on-year inflation: – excluding administered prices (those regulated by the state) was 3.4 percent, down from 3.5 percent the previous month; – excluding the most volatile prices, was 5.0 percent, compared to 4.9 percent a month prior; – excluding food and energy prices, remained at 3.6 percent, unchanged from the previous month; – the so-called 15 percent trimmed mean, which removes the effects of the 15 percent of prices with the lowest and highest changes, was 4.6 percent, consistent with the figure from the month before.
Core Inflation as Calculated by the NBP
„The National Bank of Poland computes four core inflation indices monthly, which aids in understanding inflation dynamics in Poland. The CPI reflects the average price change across a broad basket of goods purchased by consumers. In determining core inflation indices, changes in prices across different segments of this basket are examined. This enables a clearer identification of inflation sources and enhances the accuracy of future trend forecasting. It also helps ascertain the extent to which inflation is persistent and how much is influenced by short-term price fluctuations due to unpredictable factors,” stated the NBP in a release.
„Analysts most frequently rely on the inflation rate that excludes food and energy prices. This indicator reveals price trends of goods and services that the central bank’s monetary policy significantly affects. Energy prices (including fuels) are determined not by the domestic market but by global markets, often influenced by speculation. The prices of food are largely contingent on various factors, including weather conditions and the state of both domestic and global agricultural markets,” the central bank noted.
