The Central Bank of Poland has released its core inflation indicators for November 2025, showing a further decline across all four measures. Inflation excluding food and energy prices fell to 2.7% year on year, while the Consumer Price Index (CPI) stood at 2.5% year on year. Inflation excluding administered (state-controlled) prices was 2.0% (down from 2.3% in October), inflation excluding the most volatile prices was 3.1% (down from 3.4%), and the 15% trimmed mean was 2.4% (down from 2.6%). The central bank publishes the indices monthly to support analysis of inflation drivers and persistence, with the ex-food-and-energy measure described as the most commonly used in inflation targeting because it is more responsive to monetary policy than food and energy prices.
Central Bank of Poland 2025-12-16
Central Bank of Poland publishes November 2025 core inflation measures showing broad easing and CPI at 2.5% year on year
The Central Bank of Poland reported a decline in core inflation indicators for November 2025, with inflation excluding food and energy prices at 2.7% year on year and the Consumer Price Index at 2.5%. Inflation excluding administered prices dropped to 2.0%, while inflation excluding the most volatile prices was 3.1%, and the 15% trimmed mean was 2.4%. These indices are published monthly to analyze inflation drivers and persistence, with the ex-food-and-energy measure being most responsive to monetary policy.