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Core inflation in March 2017

Date: 12-04-2017

NBP data: In March, inflation net of food and energy prices stood at 0.6%. In the analysed period, the CPI index amounted to 2.0% (y/y).

On 12 April 2017, Narodowy Bank Polski posted data on core inflation indices in March 2017. In year-on-year terms, inflation:

  • excluding administered (state-controlled) prices amounted to 2.2%, as against 2.4% the month before;
  • excluding the most volatile prices amounted to 1.1%, as against 0.9% the month before;
  • net of food and energy prices amounted to 0.6%, compared to 0.3% the month before;
  • the so-called 15-percent trimmed mean (excluding the impact of 15% of the price basket characterized by the lowest and the highest growth rates) stood at 1.4%, compared to 1.3% in the previous month.

The decline in inflation was mainly due to the fall in food price growth to 3.1% y/y (by 0.8 pp compared to February 2017, as a result of lower vegetable prices) and fuel prices to 18.1% y/y (by 3.1 pp compared to February 2017 – due to a fall in global oil prices and the statistical effect of a high base the year before).

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 index shows the average price movement across the whole broad basket of consumer goods. By calculating the 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 forecasted 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, for example, by 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. Food prices are largely dependent, among other things, on the weather and conditions prevailing in the domestic and global agricultural markets.

See also: Core inflation data »

NBP interest rates

Reference rate 1.50
Lombard rate 2.50
Deposit rate 0.50
Rediscount rate 1.75

Exchange rates

Table of 2017-04-26
1 EUR4.2255
1 USD3.8757
1 CHF3.8982
1 GBP4.9671
100 JPY3.4844

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00-919 Warszawa
Poland

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