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Core inflation in September 2014

Date: 16-10-2014

NBP data: In September, inflation net of food and energy prices amounted to 0.7% (y/y), representing a 0.2 pp increase on the August figure. The September CPI index stood at -0.3% (y/y).

On 16 October, Narodowy Bank Polski posted data on September 2014 core inflation indices. In year-on-year terms, inflation:

  • excluding administered (state-controlled) prices amounted to -0.5%, the same level as in August;
  • excluding the most volatile prices decreased to 0.0% from 0.1% observed in August;
  • net of food and energy prices, amounted to 0.7%, i.e. 0.2 pp more than in August;
  • the so-called 15% trimmed mean (excluding the impact of 15% of the price basket characterised by the highest and the lowest growth rates) stood at 0.0% as compared to 0.1% the month before.

The September CPI index, announced by GUS on 15 October, amounted to -0.3% (y/y), the same level as in August.

Narodowy Bank Polski computes the four core inflation indices on a monthly basis in order to highlight the nature of inflation developments in Poland. The CPI only shows average price movement across the whole broad basket of consumer goods. By calculating core inflation indices we can address price changes in various segments of the basket. Thus, sources of inflation can be identified more precisely, and future trends forecast more accurately. Furthermore, it can be determined to what degree the observed inflation trend is a lasting phenomenon, and to what extent it is driven by e.g. short-lived price hikes triggered by incidental factors.

The core inflation measure most frequently used by analysts is inflation net of food and energy prices. It captures movements in prices which are fairly responsive to the central bank's monetary policy. On the other hand energy prices (including fuel prices) are not set domestically, but determined in the global markets, sometimes as a result of speculation. Also food prices are largely dependent on, among other things, the weather and conditions prevailing in the domestic and worldwide agricultural market.

See also: The NBP announcement on September 2014 core inflation »

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