13:51 6 December 2025
MPC: low inflation influenced by influx of cheap Chinese goods
Members of Poland’s Monetary Policy Council said in November that low inflation is being supported by external factors, particularly the inflow of cheap goods from China. They also credited recent improvements in price trends to the NBP’s earlier monetary policy. Some members stressed that weaker CPI inflation in September and October 2025 mainly reflected slower food price growth, while others pointed to rising excise goods prices boosting core inflation despite deflation in market goods and a negative producer price index.
The November projection shows improving inflation prospects, with core inflation expected near 3% in 2026. However, the outlook remains uncertain, especially due to potential changes in energy prices and the unclear future implementation of the ETS2 emissions trading system.
