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Core inflation rises in April 2026. Price pressure in the market is increasing
Core inflation rose to 3,0 percent in April 2026
Core inflation in April 2026 came in at 3,0 percent year on year, its highest level since October last year, the NBP said on 18 May. That is an important signal, because it shows that price pressure is no longer confined to fuel. For people exchanging money, it means higher prices in the economy may keep pressure on the zloty for longer.
The market’s most closely watched gauge — inflation excluding food and energy prices — helps show how fast prices are rising in the goods and services most affected by monetary policy. That is why economists pay more attention to it than to CPI alone. In April, the reading matched the market consensus, which had also pointed to 3,0 percent.
The NBP also published its other core inflation measures. Excluding administered prices, meaning those subject to state control, the rate stood at 2,9 percent. Excluding the most volatile prices, it reached 3,0 percent. The so-called trimmed mean, which removes 15 percent of the price basket with the lowest and highest dynamics, also came in at 3,0 percent.
In practice, this means price increases are spreading beyond the most sensitive parts of the economy to a broader range of goods and services. That does not yet rule out a lasting rise in inflation, but it makes it harder for inflation to return quickly to the NBP’s 2,5 percent target with a permissible deviation of 1 percentage point.
In March, core inflation stood at 2,7 percent, and in February 2026 core CPI returned to 2,5 percent after more than 6 years above the NBP’s target. The broader CPI measure rose to 3,2 percent in April from 3,0 percent in March, mainly due to a sharp increase in fuel prices.
The NBP notes that food and non-alcoholic beverages, as well as energy, are more sensitive to external factors, including weather, commodity market conditions and changes in fuel prices. That is why core inflation gives a better picture of whether elevated price growth is becoming entrenched in the economy. For households, companies and people earning in euro or dollars, it is an important backdrop for currency-exchange decisions and spending plans.
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