Core inflation excluding energy, fuel and food prices in Poland in April 2026 was 3%. year to year – the National Bank of Poland announced on Monday afternoon. The reading is consistent with economists' forecasts.
However, this means an increase in this indicator, which is important for the NBP, although it is still within the broad target. In March, core inflation amounted to 2.7%. year to year, and in February only 2.5 percent. (which was the lowest level since October 2019). At the turn of 2024-2025, this price measure was 4%, and the record in this economic cycle was in March 2023, when it was as much as 12.3%.
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NBP, own study
For comparison, according to the Central Statistical Office (GUS) the main consumer inflation index (CPI) accelerated to 3.2 percent in April. year to year from 3 percent in March and 2.1 percent in February. The reason was the increase in fuel prices after the attack on Iran and the first, although very gradual and moderate, spread of this increase to other categories. Compared to March, prices in April increased by 0.6%. Let us remind you that the NBP inflation target is 2.5%. +/- 1 percentage point
The National Bank of Poland calculates four core inflation indicators every month, which helps to understand the nature of inflation in Poland. Inflation excluding administered prices (subject to state control) increased to 2.9% in April. year to year from 2.7 percent a month earlier (and 1.6% in February). After excluding the most volatile prices, inflation amounted to 3%. (the same as in March, in February it was 2.3%). The so-called 15 percent trimmed mean, which eliminates the impact of 15 percent. basket of prices with the lowest and highest dynamics, increased to 3%. (from 2.9% in March and 2.2% in February).
What is core inflation?
The most popular variant of core inflation calculated by NBP does not take into account energy, fuel and food prices, which are largely determined on international markets (or are largely influenced by regulations) and on which the central bank has less influence. This measure better illustrates the internal inflation pressure and is crucial for the Monetary Policy Council's decisions regarding interest rates.
The NBP itself explains that core inflation allows for better identification of inflation sources and more accurate forecasts of its future trends.. “It also allows us to determine the extent to which inflation is permanent and the extent to which it is shaped, for example, by short-term price changes caused by unpredictable factors,” says the central bank.
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NBP, own study
