14:47 14 February 2026
GUS: Inflation in January higher than expected
Poland’s consumer inflation stood at 2.2% y/y in January 2026, according to a preliminary estimate from the Central Statistical Office, exceeding market expectations of 1.9 percent. Monthly prices rose 0.6 percent. Although inflation slowed from 2.4 percent in December, food prices increased more strongly than forecast, while transport costs declined. Energy and housing prices also rose. Economists note that methodological changes, including a new inflation basket classification, may have slightly lifted the reading.
Despite the upside surprise, analysts expect inflation to remain near the National Bank of Poland’s 2.5 percent target. A 25 basis point interest rate cut in March is widely anticipated, with further decisions depending on upcoming data.
