The Central Bank of Poland has released its core inflation indicators for November 2025, showing a further decline across all four measures. Inflation excluding food and energy prices fell to 2.7% year on year, while the Consumer Price Index (CPI) stood at 2.5% year on year. Inflation excluding administered (state-controlled) prices was 2.0% (down from 2.3% in October), inflation excluding the most volatile prices was 3.1% (down from 3.4%), and the 15% trimmed mean was 2.4% (down from 2.6%). The central bank publishes the indices monthly to support analysis of inflation drivers and persistence, with the ex-food-and-energy measure described as the most commonly used in inflation targeting because it is more responsive to monetary policy than food and energy prices.
Central Bank of Poland publishes November 2025 core inflation measures showing broad easing and CPI at 2.5% year on year
The Central Bank of Poland reported a decline in core inflation indicators for November 2025, with inflation excluding food and energy prices at 2.7% year on year and the Consumer Price Index at 2.5%. Inflation excluding administered prices dropped to 2.0%, while inflation excluding the most volatile prices was 3.1%, and the 15% trimmed mean was 2.4%. These indices are published monthly to analyze inflation drivers and persistence, with the ex-food-and-energy measure being most responsive to monetary policy.