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Core inflation – June 2023. The latest NBP data

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Core inflation in June 2023 fell to 11.1 percent from 11.5 percent a month earlier, the National Bank of Poland announced. In month-on-month terms, core inflation fell to 0.3 percent in June from 0.4 percent a month earlier.

According to NBP, in year-on-year relation inflation:

– excluding administered prices (subject to state control) it amounted to 10.3%, compared to 12.1% in the previous year. a month earlier;

– excluding the most volatile prices, it amounted to 14.4%, compared to 14.9% in the previous year. a month earlier;

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– excluding food and energy prices, it amounted to 11.1%, compared to 11.5% in the previous year. a month earlier;

– so-called 15% trimmed mean, which eliminates the influence of 15 percent. price basket with the lowest and highest dynamics, amounted to 12.8 percent, compared to 13.5 percent. a month earlier.

The CPI in the analyzed period amounted to 11.5%. y/y

Core inflation, what is it?

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. ” – stated in the statement of the National Bank of Poland.

It explains that this allows for a better identification of the sources of inflation 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 markets.

Main photo source: tvn24.pl



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