publication
2025-06-16 14:00
Base inflation in May 2025 was at the lowest level since January 2020 – according to the data of the National Bank of Poland. It was also the second month in a row, when this measure of price increase was within the permissible band of fluctuations from the inflation target.
According to the data published today, the National Bank of Poland in May 2025. Inflation on the year on year:
- After switching off food and energy prices amounted to 3.3 percent compared to 3.4 percent recorded in March. Economists expected her to decrease up to 3.3 percent.
- After excluding administered prices (subject to state control), it amounted to 2.5 percent. against 2.7 percent a month earlier,
- After turning off the most variable prices, it amounted to 4.6 percent. compared to 4.6 percent a month earlier;
- so -called 15 % The average average, which eliminates the influence of 15 percent. Price basket with the smallest and largest dynamics amounted to 3.8 percent. compared to 3.9 percent a month earlier.
In this way in May CPI base inflation has been at the lowest level since January 2020 year and only for the second time since then she was in the band of permissible deviations (i.e. +/- 1 percentage point) from the 2.5 % target of the National Bank of Poland.
Still, the April lecture of base inflation exceeded the 2.5 % inflation target of the National Bank of Poland. This state of affairs has been going on for over 5 years. For the last time, base inflation was located in October 2019.
– The National Bank of Poland calculates four base inflation indicators every month, which helps to understand the nature of inflation in Poland. The CPI indicator shows the average change in prices of the entire, large basket of goods bought by consumers. When calculating basic inflation indicators, price changes are subjected to various segments of this basket. This allows you to better identify the sources of inflation and forecast its future trends more accurately. It also allows you to determine to what extent the inflation is permanent, and in which it is shaped, e.g. by short -term changes in prices caused by unpredictable factors – we read in the NBP message.
However, the “wide” consumer inflation rate (CPI) in May was 4.0% higher than a year ago. This is a result containing, among others Last year's increases in energy and gas tariffs and some VAT increases for food. In the third quarter, CPI inflation is expected to be more similar to base inflation indicators.
