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July 2011 Core Inflation Indices

Date: 19-08-2011

NBP Data: Inflation net of food an energy prices amounted to 2.4% in July, thus remaining unchanged on its June and May 2011 level.

Core inflation indices as published by the NBP on 19 August show that in July 2011 inflation:

  • net of administered prices (subject to government control) amounted to 3.7%, as against 4% in June and 4.8% in May;
  • net of most volatile prices (in the analysed period) amounted to 3.3% as against 3.2% in the previous two months;
  • net of food and energy prices amounted to 2.4%, exactly the level recorded in June and May;
  • the so-called trimmed mean (which excludes the effect of 15% of the prices with the highest and lowest growth) amounted to 4% – previously, respectively, 3.8% and 4%.

The July CPI index stood at 4.1%. In order to better illustrate the movements in this overall inflation measure, the NBP calculates four core (underlying) inflation indices on a monthly basis. This is because the CPI, or headline inflation index, shows the average price movement across a of a whole range (basket) of staple goods. The calculation of core inflation indices takes stock of price changes in the particular segments of the basket. Thus, sources of inflation can be identified better and its future trends forecast more accurately. Moreover, it is possible to determine to what extent a given inflation level is a lasting phenomenon, and to what extent it results from short-lived price hikes caused by one-off factors. Analysts most frequently resort to the index of inflation net of food and energy prices. It shows price developments that can be affected by the central bank’s monetary policy, as opposed to energy (including fuel) prices, which are determined in the global markets and are often affected by speculation. Food prices, on the other hand, are closely related to weather conditions and current government intervention in agricultural markets.

See: NBP information on July 2011 core inflation

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