The National Bank of Poland (NBP) reported a decrease in core inflation for February 2026, excluding food and energy prices.
Core Inflation Trends in Poland
The National Bank of Poland announced on Monday that core inflation, excluding food and energy prices, reached 2.5 percent in February 2026.
Detailed Inflation Metrics
According to data released by the central bank, year-on-year inflation excluding administered prices (subject to state control) was 1.6 percent in February 2026, unchanged from the previous month. Excluding the most volatile prices, it amounted to 2.3 percent, down from 2.6 percent the prior month. Excluding food and energy, it was 2.5 percent, compared to 2.7 percent the previous month.
The so-called 15 percent trimmed mean, which eliminates the impact of the 15 percent of the price basket with the lowest and highest dynamics, was 2.2 percent in February, down from 2.4 percent in January.
Understanding Core Inflation Indicators
The National Bank of Poland calculates four core inflation indicators each month to help understand the nature of inflation in Poland. The CPI index shows the average change in prices of the entire, large basket of goods purchased by consumers. When calculating core inflation indicators, changes in prices in various segments of this basket are analyzed.
This allows for better identification of the sources of inflation and more accurate forecasting of future trends. It also determines the extent to which inflation is persistent and the extent to which it is shaped by short-term price changes caused by unpredictable factors.
Key Indicator: Excluding Food and Energy
According to the NBP, the most frequently used indicator by analysts is the inflation rate excluding food and energy prices. This shows the price trends of goods and services on which monetary policy conducted by the central bank has a relatively large impact. Energy prices (including fuels) are determined not on the domestic market, but on global markets, sometimes also under the influence of speculation. Food prices largely depend on weather conditions and the current situation in the domestic and global agricultural markets.
