Poland's November deflation flat at 0.6 percent
PR dla Zagranicy
John Beauchamp
15.12.2014 15:40
Poland’s spell of deflation continued in November with the consumer price index (CPI) declining 0.6 percent year on year, the Central Statistical Office (GUS) said on Monday.
Driven by lower fuel prices, which declined 5.3 percent on a year earlier, and a 2.7 percent decline in food prices, the annual headline index of inflation remained in negative territory for the fifth month running and remained flat from the previous month.
Alcohol and tobacco, telecommunications and housing prices were all up from a year earlier.
Prices declined by 0.2 percent on a month earlier. Month-on-month declines were led by fuels, while apparel and healthcare prices were also down. Food was dearer than in October.
Despite continued price declines, Andrzej Raczko, a member of the National Bank of Poland’s (NBP) rate-setting committee, said that deflation was a temporary phenomenon in Poland. Core inflation, stripped of the volatile food and energy prices, remains in positive territory.
The NBP’s target for CPI inflation is 2.5 percent with a one-percentage-point band of tolerable deviation. (an)