Inflation in Poland in April 2025

On May 16, 2025, the National Bank of Poland published the latest data on core inflation indicators for April 2025. Key information:

Main inflation indicators:

• CPI inflation (consumer price index): 4.3% y/y

• Core inflation (excluding food and energy prices): 3.4% y/y

Detailed core inflation analysis:
Compared to March 2025, the following changes were observed:

• Inflation excluding administered prices: 2.7% (vs 3.4% previous month)

• Inflation excluding most volatile prices: 4.6% (vs 5.0%)

• Inflation excluding food and energy prices: 3.4% (vs 3.6%)

• 15% trimmed mean: 3.9% (vs 4.6%)

Why is core inflation important?
The NBP regularly calculates four core inflation indicators, which help:

• Better understand Poland's inflation structure

• Identify persistent price trends by separating short-term factors (energy price fluctuations) from long-term ones

• More accurately forecast future inflation trends

Key conclusions:

• Core inflation (3.4%) remains below the overall CPI (4.3%)

• Decrease in most indicators suggests easing inflationary pressure

• Energy and food prices remain influenced by global factors

Source: NBP