Poland: Inflation picks up in April from the prior month
Latest reading: Consumer prices increased 3.2% in annual terms in April, following a 3.0% rise in the previous month. April’s reading was the strongest since June 2025, and while it remained within the Central Bank’s 1.5–3.5% target range, it exceeded market expectations.
Relative to the prior month’s figures, price pressures were higher for electricity, gas and other fuels in April (+4.7% in annual terms vs +3.9% in March). In contrast, there were milder price pressures for food and non-alcoholic beverages (+1.9% vs +2.1% in March).
Finally, consumer prices rose 0.60% in April in month-on-month terms, following a 1.10% rise in the previous month.
Panelist insight: ING’s Rafal Benecki and Adam Antoniak commented on the outlook for inflation and monetary policy:
“Our baseline scenario assumes that inflation will rise to around 4% YoY by the end of 2026. However, unless this is accompanied by a broader build-up in inflationary pressure, a de-anchoring of inflation expectations, and signs of second-round effects, the [Central Bank] will keep interest rates unchanged at least until the end of this year.”