March core inflation rate at 6.9 pct - central bank

Leszek Szymański/PAP

Poland's core inflation, excluding the prices of food and energy, measured 6.9 percent year on year in March 2022, up from 6.7 percent in February, the National Bank of Poland (NBP) said on Tuesday.

Core inflation, excluding fixed prices, amounted to 10.6 percent year on year in March, up from 8.0 percent in the previous month.

Core inflation, excluding the most volatile priced items, measured 7.9 percent year on year in March, against the 7.5 percent level a month earlier.

The 15-percent trimmed mean inflation reached 7.8 percent year on year in March, up from 7.0 percent in February.

According to the Central Statistical Office (GUS), prices of consumer goods and services (Consumer Price Index, CPI) increased by 11.0 percent year on year, and by 3.3 percent month on month in March 2022.

NBP governor Adam Glapiński wrote in a comment to PAP that the war in Ukraine was largely responsible for March's CPI increase.

"On the basis of data published by GUS it can be estimated that the CPI inflation growth in March was almost entirely the result of the economic effects of Russian armed aggression against Ukraine and its impact on the Polish economy," Glapiński wrote. "The direct price effects of Russia's military actions against Ukraine raised the CPI indicator in March by 2.4 percentage points."