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Poland’s core inflation, which measures price growth without food and energy, came in at 8.4% y/y in September (chart), the rate easing 1.6pp versus August, the National Bank of Poland (NBP) said on October 16.
It was the sixth successive fall in core inflation’s y/y growth rate after a growth series that lasted nearly two years. Core inflation easing is in line with other price growth indicators. CPI growth eased 1.9pp to 8.2% y/y in September, the statistical office GUS said last week.
Prices growing less sharply and the ongoing economic slowdown prompted the National Bank of Poland to cut its reference interest rate by a combined 100bp to 5.75% in September and October.
The depth of the cuts – the September one arrived 75bp versus market expectations of just 25bp – prompted criticism that it had less to do with macroeconomics than it did with politics.
There was a general election in Poland on October 15 and the NBP Governor Adam Glapinski is seen as a close ally of the ruling Law and Justice (PiS) party.
Despite scooping the biggest number of votes in the election, however, PiS is set to lose power to a tripartite opposition coalition.
In m/m terms, core inflation skid 0.1%% in September, following a gain of 0.3% m/m the preceding month, the NBP data also showed.
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