Poland CPI: February 2026 Inflation Cools Further
Poland's consumer price index (CPI) for February 2026 registered a month-over-month increase of 0.3%, according to official data released March 13. This marks a deceleration from January's 0.6% rise, extending a trend of subdued inflationary pressure. The reading comes as the National Bank of Poland continues to monitor price stability amid shifting global conditions.
Big-Picture Snapshot
Drivers This Month
- Food prices: +0.09pp
- Transport: +0.07pp
- Housing: +0.05pp
- Clothing: +0.02pp
- Recreation: -0.01pp
Policy Pulse
February's 0.3% MoM CPI remains below the National Bank of Poland's medium-term inflation target of 2.5% YoY[1]. The annualized pace, based on recent monthly prints, signals continued slack in underlying price momentum.
Market Lens
PLN held steady against the euro after the release. Investors interpreted the softer inflation as reducing pressure for imminent monetary tightening. Bond yields were little changed, reflecting confidence in the central bank's current stance.Foundational Indicators
Historical Context
- February 2026: 0.3% MoM
- January 2026: 0.6% MoM
- December 2025: 0.0% MoM
- 12-month average (Mar 2025–Feb 2026): 0.41% MoM
Trend Analysis
Inflation momentum has moderated since the start of 2026. February's reading is the lowest since December, when prices were flat. The 12-month average remains above the current print, underscoring a cooling trend.
Market Lens
Equity markets showed little reaction. The muted CPI print reinforced expectations for stable policy rates, with investors focusing on upcoming growth data for further signals.Chart Dynamics
Forward Outlook
Scenario Analysis
- Bullish (20–30%): Energy and food prices rebound, pushing MoM CPI above 0.5% in coming months.
- Base (50–60%): Inflation stabilizes near current levels, with monthly prints between 0.2% and 0.4%.
- Bearish (10–20%): Weak demand and external disinflation drive CPI back toward zero growth.
Risks
Upside risks include supply shocks and currency depreciation. Downside risks stem from global slowdown and persistent slack in domestic demand.
Methodology
Figures are sourced from Poland's official statistics office and cross-verified with the Sigmanomics database[1]. The MoM CPI reflects changes in a representative basket of goods and services, seasonally adjusted.
Closing Thoughts
Market Lens
Financial markets remain in wait-and-see mode. The latest CPI print supports a narrative of contained inflation, giving policymakers room to assess broader economic signals before adjusting rates.Key Takeaways
- February's 0.3% MoM CPI marks a slowdown from January's 0.6%.
- Inflation remains below the central bank's target.
- Market reaction muted as price pressures ease.
Key Markets Reacting to CPI
Poland's CPI data can influence a range of asset classes, from equities to currencies and digital assets. Below are select tradable symbols with verified listings on Sigmanomics, each showing sensitivity to inflation trends and monetary policy signals.
- AAPL — Apple shares often respond to global inflation prints, reflecting shifts in consumer demand and input costs.
- EURUSD — The euro-zloty dynamic is indirectly affected by Polish CPI, with EURUSD reflecting broader European inflation sentiment.
- BTCUSD — Bitcoin's price action can react to inflation surprises, as investors weigh fiat currency stability.
| Period | CPI MoM (%) | BTCUSD Direction |
|---|---|---|
| 2020 | 0.2–0.5 | Upward |
| 2021 | 0.3–0.7 | Upward |
| 2022 | 0.4–1.0 | Volatile |
| 2023–2025 | 0.0–0.6 | Sideways |
| 2026 YTD | 0.3–0.6 | Stable |
Since 2020, periods of rising CPI in Poland have coincided with upward momentum in BTCUSD, while recent moderation has seen digital assets trade sideways or stabilize.
FAQ
- What is the latest Poland CPI reading?
- February 2026 CPI rose 0.3% month-over-month, down from January's 0.6%.
- How does the current inflation trend compare to recent months?
- Inflation has slowed, with February's reading below the 12-month average and the lowest since December 2025.
- What does Poland's CPI mean for markets?
- With inflation below target, markets expect stable policy rates and limited immediate impact on equities or currencies.
Poland's inflation remains subdued, giving policymakers breathing room as global conditions evolve.
Updated 3/13/26
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
- Sigmanomics Economic Data Portal, Poland CPI, accessed March 13, 2026.
- National Bank of Poland, Inflation Targeting Framework, accessed March 2026.









February's CPI rose 0.3% MoM, down from January's 0.6% and below the 12-month average of 0.41%. The last three months show a clear deceleration: December 0.0%, January 0.6%, February 0.3%.
Compared to August and September 2025, when monthly inflation hovered near 0.0%, the recent uptick has not persisted. The current print marks the softest pace since December, reinforcing a pattern of subdued price growth.