The Central Bank of Poland published its September 2025 core inflation indicators, reporting Consumer Price Index (CPI) inflation of 2.9% year-on-year and core inflation excluding food and energy prices of 3.2% y/y, unchanged from the previous month. Across the other core measures, inflation excluding administered (state-controlled) prices was 2.5% y/y (unchanged), inflation excluding the most volatile prices eased to 3.7% y/y (from 3.8%), and the 15% trimmed mean fell to 2.9% y/y (from 3.0%). The bank reiterated that it publishes four core indices monthly to support analysis of the sources and persistence of inflation, noting that the ex-food-and-energy measure is commonly used by analysts because it is more responsive to monetary policy, while food and energy prices are more influenced by weather and global market conditions.
Central Bank of Poland 2025-10-16
Central Bank of Poland publishes September 2025 core inflation indices with CPI at 2.9% y/y and core ex food and energy at 3.2% y/y
The Central Bank of Poland's September 2025 core inflation indicators show CPI inflation at 2.9% y/y and core inflation excluding food and energy at 3.2% y/y, both unchanged. Inflation excluding administered prices remained at 2.5% y/y, while inflation excluding volatile prices eased to 3.7% y/y, and the 15% trimmed mean fell to 2.9% y/y. The bank emphasized its four core indices' importance for analyzing inflation sources and persistence, highlighting the ex-food-and-energy measure's responsiveness to monetary policy.