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Thursday, February 22, 2024

Core inflation in January and February 2023. The latest NBP data

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Core inflation – excluding food and energy prices – in February 2023 amounted to 12 percent year on year, the National Bank of Poland announced on Thursday. This is higher than analysts expected. By comparison, in January the rate was 11.7 percent.

On Thursday, the National Bank of Poland published data on inflation baseline in February. According to the statement of the National Bank of Poland, core inflation excluding administered prices (subject to state control) amounted to 18.1%. against 16.3 percent a month earlier. On the other hand core inflation calculated excluding the most volatile prices amounted to 15.5%. against 14.4 percent a month earlier.

Core inflation calculated excluding food and energy prices amounted to 12 percent, compared to 11.7 percent. a month earlier. Analysts expected the index in February this year to will also be at 11.7 percent.

PAP/Maciej Zielinski

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The so-called 15 percent trimmed mean, which eliminates the influence of 15 percent. price basket with the lowest and highest dynamics, amounted to 17 percent, compared to 15.2 percent. a month earlier.

What is Core Inflation?

Every month, the National Bank of Poland calculates four core inflation indices, which helps to understand the nature of inflation in Poland. The CPI shows the average price change of the entire large basket of goods purchased by consumers. When calculating core inflation indices, price changes in various segments of this basket are analyzed. ” – we read in the statement of the National Bank of Poland.

The central bank explained that such action allows for better identification of inflation sources and more accurate forecasting of its future trends. It also makes it possible to determine to what extent inflation is permanent and to what extent it is shaped, for example, by short-term price changes caused by unpredictable factors.

“The indicator most often used by analysts is the inflation rate excluding food and energy prices. It shows the trends in the prices of those goods and services that are relatively heavily influenced by the monetary policy of the central bank. Energy prices (including fuels) are determined not on the domestic market, but on world markets, sometimes also under the influence of speculation. Food prices largely depend on on the weather and the current situation on the domestic and global agricultural market.

Main photo source: tvn24

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