Narodowy Bank Polski

Latest news

Core inflation in February 2019

Date: 18-03-2019

NBP data: In February 2019, inflation net of food and energy prices stood at 1.0%. In the analysed period, the CPI index amounted to 1.2% (y/y).

On 18 March 2019, Narodowy Bank Polski posted data on core inflation indices in February 2019. In year-on-year terms, inflation:

  • excluding administered (state-controlled) prices amounted to 1.4%, as against 0.9% the month before;
  • excluding the most volatile prices amounted to 1.1%, as against 1.0% the month before;
  • net of food and energy prices amounted to 1.0%, compared to 0.8% 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% the previous month.

In February the CPI index increased to 1.2% y/y (an increase of 0.5 pp compared with January). The increase in inflation was mainly due to the increase in food price growth (vegetables), services prices (mainly telecommunications and administered services related to the use of housing) as well as energy (fuel for private means of transport, the positive base effect related to the much sharper fall of fuel prices a year ago).

As a result of updating the weights applied in the calculation of the price index of consumer goods and services, the preliminary estimate of the CPI index in January was revised downwards by 0.2 pp (to 0.7% y/y against the GUS estimate of 0.9% y/y of February 2019).

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 0.10
Lombard rate 0.50
Deposit rate 0.00
Rediscount rate 0.11
Discount rate 0.12

Exchange rates

Table of 2021-08-05
1 EUR4.5555
1 USD3.8485
1 CHF4.2454
1 GBP5.3553
100 JPY3.5110

Economic outlook

Monthly data

Quarterly data

Financial markets



Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
NIP: 525-000-81-98
REGON: 000002223
This site uses cookies to ensure its more efficient operation.
To find out more about the cookie technology, please click here: NBP Privacy Policy »
In order to browse through the content, it is necessary to accept cookies from this site Accept