What Is CPI?
The Consumer Price Index (CPI) measures the average change in prices paid by consumers for a basket of goods and services over time. In Poland, it is published monthly by the Central Statistical Office (GUS) and serves as the primary measure of inflation. CPI compares the cost of a fixed basket (food, housing, transport, education, etc.) in the current period against a base period.
How Inflation Destroys Savings Value
If inflation is 5% per year and your savings earn 3% interest, the real value of your money actually falls by about 2% per year. Over 10 years, your 100,000 PLN will have the purchasing power of roughly 82,000 PLN in today's terms.
The real rate of return is approximated by the Fisher equation:
r_real ≈ r_nominal − inflation
For a more precise result:
r_real = (1 + r_nom) / (1 + π) − 1
Example — 100,000 PLN over 10 years
| Scenario | Nominal value | Purchasing power (today's prices) |
|---|---|---|
| Deposit 4%, inflation 6% | 148,024 PLN | ~82,600 PLN |
| Deposit 6%, inflation 6% | 179,085 PLN | ~100,000 PLN |
| Portfolio 8%, inflation 4% | 215,892 PLN | ~145,900 PLN |
Polish CPI Basket Components (2026)
GUS updates the CPI basket structure annually. In 2026 the largest weights are:
- Housing, water, energy — approx. 22%
- Food and non-alcoholic beverages — approx. 25%
- Transport — approx. 10%
- Restaurants and hotels — approx. 6%
- Health — approx. 5%
Strategies to Protect Savings from Inflation
- Inflation-linked bonds (e.g. Polish COI, EDO Treasury bonds) — interest is tied to CPI, guaranteeing a real return.
- Equities and ETFs — over the long term the stock market has historically beaten inflation (averaging 7–10% per year).
- Real estate — property prices and rents often rise with inflation.
- Gold and commodities — traditional hedge, though with high short-term volatility.
- High-yield deposits (≥ CPI) — safe but hard to find in high-inflation environments.
Inflation in Poland 2026
After peak inflation in 2022–2023 (18.4% in February 2023), Poland has seen a marked decline in price growth. In 2026, CPI hovers around 3.5–4.5%, approaching the NBP's target of 2.5% ± 1 percentage point. But it still represents a real erosion of purchasing power.
Calculate the Impact of Inflation on Your Savings
Find out how much your savings will really be worth in a few years by using the inflation calculator on Liczbnik.pl. Enter the amount, time horizon, and expected inflation rate — the calculator shows the real purchasing power of your money.
Summary
CPI is your compass in personal finance. Ignoring inflation when planning savings is one of the most common financial mistakes. Always calculate the real rate of return — not just the nominal one — and choose instruments that at least keep pace with inflation.