Latest Data on Inflation in Poland

The Central Statistical Office has released the latest data on inflation. The result turned out to be lower than economists had predicted.

According to the latest data from the Central Statistical Office, inflation excluding food and energy prices is 11.5% on an annual basis. That’s 0.1% higher than in November.

Most analysts expected core inflation to be 11.6% in December. The NBP also announced that core inflation excluding administered prices in December last year amounted to 17.1 percent on an annual basis against 18.1 percent in November.

The Importance of Data on Inflation:

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. This allows for a better identification of the sources of data on 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.

On Friday, the Central Statistical Office presented full data on inflation in December 2022. The brief estimates from the beginning of the month surprised experts. Now the calculations have been confirmed, December inflation amounted to 16.6%.

Along with the final calculations of December data on inflation, the Central Statistical Office published average annual data. Inflation throughout 2022 amounted to 14.4%. For comparison, the average annual inflation in 2021 amounted to 5.1%.

The most expensive categories of products last year were those related to the use of housing and energy carriers. The price increase in this category amounted to 22.8% by 19 percent.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our Polish property market advisory, or contact us for a free consultation.