By Wojciech Kosc in Warsaw Poland’s core inflation, an indicator that measures price growth without the inclusion of food and energy, picked up its growth rate to 3.8% y/y in July (chart) after an expansion of 3.6% y/y the preceding month, the National Bank of Poland (NBP) said on August 16. The pick-up in the expansion rate ends a 15-month streak of easing core inflation growth just as other inflation indicators are also gathering momentum. CPI growth already picked up 1.6pp to 4.2% y/y in July, the statistical office GUS said earlier this month. The NBP’s inflation target is 2.5%, with a dev…