Poland inflation eases to 3.1% in May as food prices drop sharply
Consumer prices rose 3.1% year-on-year in May, down from 3.2% in April, as food inflation slowed dramatically despite continued fuel price pressures from the Middle East conflict.
Statistics Poland reported on May 29, 2026, that the consumer price index increased by 3.1 percent compared to the same month last year, marking a modest easing from April's 3.2% reading. On a month-to-month basis, prices declined by 0.3 percent in May 2026, the first monthly decline in a year.
What's driving the change
Food inflation fell sharply to 0.5% year-over-year from 1.9% in April, with food prices recording their steepest May decline since Poland's economic transition in the early 1990s. However, energy costs continue to climb: fuel and lubricants for private transport equipment surged 12.3%, amid ongoing geopolitical tensions linked to the Middle East conflict, while electricity, gas, and other fuels rose 5% from a year earlier.
The figure came in below both consensus forecasts and analyst predictions of 3.6%, and marked a decrease from April's 3.2% reading, potentially giving the National Bank of Poland more room to postpone interest rate increases.
What this means for you
If you're paid in foreign currency and living in Poland, the slower-than-expected inflation is good news for your purchasing power—especially for groceries, where prices have stabilized. However, you'll still feel the pinch at the petrol pump and on electricity bills, both of which continue to rise faster than overall inflation. If you're considering whether to lock in fixed-rate zloty contracts or keep earning in euros or dollars, the moderating inflation trend suggests the NBP is less likely to raise interest rates in the coming months, which could keep the zloty relatively stable.
