5:26 19 May 2026
Core inflation hits six-month high
Poland's central bank, the National Bank of Poland (NBP), published its April 2026 core inflation data on Monday, showing the key measure — stripping out food and energy costs — rose to 3.0% year-on-year, up from 2.7% in March and the highest reading since October 2025. The result signals that the oil-price shock stemming from Iran's blockade of the Strait of Hormuz is beginning to spread through the wider economy — so-called second-round effects — rather than remaining confined to fuel prices. Analysts at Erste Bank Poland warn that core inflation could reach 4% by year-end. PKO BP economists add that headline CPI may breach the NBP's 3.5% upper tolerance band as soon as May. All of this further diminishes the already slim prospect of interest-rate cuts in Poland in 2026.
