17:46 24 February 2025
GUD: January inflation increased by 5.3% y/y
In January 2025, Poland's consumer price index (CPI) inflation rose to 5.3% y/y, up from 4.7% in December, according to preliminary data from GUS. Compared to the previous month, prices increased by 1.0%. Food prices grew by 5.5% y/y, while energy costs surged 13.2%.
Economists attribute the inflation rise to higher fees, taxes, and a strong base effect from the previous year. The Monetary Policy Council (RPP) is expected to keep interest rates unchanged in Q1 2025, with a potential rate cut in July if inflation declines toward 4.7%. The NBP reference rate may end 2025 at 5.00-5.25%. Inflation is expected to gradually decline in the second half of the year, with Poland remaining among the EU’s most inflationary economies.
