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Core inflation in October 2019

Date: 15-11-2019

NBP data: In October 2019, inflation net of food and energy prices amounted to 2.4%, while the Consumer Price Index (CPI) stood at 2.5% (y/y).

On 15 November 2019, Narodowy Bank Polski posted data on core inflation indices in October 2019. In year-on-year terms, inflation:

  • excluding administered (state-controlled) prices stood at 2.6%, compared to 2.8% the month before;
  • excluding the most volatile prices amounted to 2.6%, compared to 2.4% the month before;
  • inflation net of food and energy prices amounted to 2.4%, the same as the month before;
  • the so-called 15% trimmed mean (excluding the impact of 15% of the price basket characterised by the highest and lowest growth rates) stood at 2.0%, compared to 1.9% the month before.

In October 2019, CPI inflation declined by 0.1 pp and stood at 2.5% y/y. The fall in CPI inflation in October 2019 was driven by a further fall in fuel prices (to -4.8% y/y against -2.7% y/y in September 2019 as a result of lower oil prices) and slower growth in the prices of food and non-alcoholic beverages (6.1% y/y against 6.3% y/y in September 2019; the result of a decrease in the annual growth in the prices of vegetables).

The decrease in the CPI index was accompanied by an increase in two of the core inflation measures a decrease in one measure and stabilization of the remaining fourth measure. Inflation excluding food and energy prices in October 2019 remained at the level from the previous month and stood at 2.4% y/y.

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 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 changes triggered by incidental factors.

The core inflation measure most frequently used by analysts is inflation net of food and energy prices. It captures trends in those prices of goods and services 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 on, among other things, the weather and conditions prevailing in the domestic and global agricultural market.

See also: Core inflation data »

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