Infl acja bazowa jako cel pomocniczy w realizacji strategii bezpośredniego celu infl acyjnego w Polsce
Core infl ation as an auxiliary target in the achievement of the primary infl ation target in Poland

Summary/Abstract: In many countries, including Poland, central banks have adopted the monetary policy strategy known as infl ation targeting. Usually, infl ation targets are formulated as a given level of consumer price index (CPI). However, this measure includes food and energy prices, which are almost entirely beyond the impact of monetary policy decisions. Th us, while shaping monetary policy reactions, it seems justifi ed to take into account core infl ation (excluding food and energy prices).

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