Polish CPI Final (Aug MM) 0.3% vs. Exp. 0.4% (Prev. 0.4%)

A one-tenth downside miss on the month against the flash is at the margin of that threshold, so the read-through runs through the composition once the breakdown is published rather than the headline itself. For the zloty and Polish front-end rates the operative channel is the NBP reaction function, where the council has historically been divided between a hawkish governor and a more dovish majority, and small downside surprises have tended to matter more when they accumulate across consecutive prints than as single observations. The distinction worth drawing is between a soft headline driven by administered or energy components, which the council has tended to look through, and softness in core or services, which has historically shifted the easing debate. The follow-ons are the core inflation release and the next round of NBP commentary, which together determine whether a marginal miss feeds the cutting case or is dismissed as noise.