Polish Core CPI (Sep YY) 3.1% (Prev. 3.3%)

A sequential dip in Polish core inflation fits the disinflationary pattern that has characterised the post-surge normalisation across central European economies, where core readings have tended to lag headline deceleration and then converge as domestic demand cools and administered price effects fade. For the NBP, core has been the council's preferred gauge for judging persistence rather than the headline print, so a fall of this sort reinforces the position of the doves who have argued that prior tightening has done its work, while the hawkish wing has historically pointed to fiscal looseness, wage growth and regulated energy price adjustments as reasons to hold back. In past easing cycles of this kind in the region, one softer core print on its own has rarely been sufficient; the pattern has been for councils to wait for corroboration across two or three releases before committing, which makes the trend rather than the point estimate the operative signal. Worth noting the distinction between a core decline driven by goods deflation, which can reverse, and one led by services, which has historically been the stickier component and carries more weight in MPC deliberations. The follow-ons are the accompanying NBP commentary, the next full CPI breakdown for the services contribution, and any shift in council rhetoric ahead of the next rate decision, since Polish easing moves have tended to come in steps separated by pauses rather than in continuous sequences.