Core inflation, calculated excluding food and energy prices, stood at 2.7% year on year in December 2025. The reading came in slightly below market expectations, which had pointed to 2.8%. Crucially, this marks the lowest level of core inflation since 2019, clearly indicating that the Polish economy has sustainably emerged from the disruptions caused by the COVID-19 pandemic.
Although core inflation remains marginally above the National Bank of Poland’s inflation target of 2.5%, it is still within the acceptable fluctuation band of 2.5% ± 1 percentage point. This means that price pressures in the economy are now firmly within the range considered stable by the central bank.
Measures of core inflation are particularly important because they strip out food and energy prices, which are the most susceptible to short-term volatility and external supply shocks, such as geopolitical conflicts or fluctuations in commodity prices. As a result, core inflation provides a more accurate picture of underlying, domestic price trends in the economy and serves as a key reference point for assessing the effectiveness of monetary policy.
Source: https://ceo.com.pl/inflacja-bazowa-najnizsza-od-2019-r-59627
