Inflation in Poland
Poland - Inflation
Inflation comes in at highest level since March 1997 in July
Consumer prices rose 0.80% in August over the previous month, accelerating from the 0.60% increase recorded in July. The reading was driven by intensifying price pressures for food and non-alcoholic beverages and for utilities.
Inflation came in at 16.1% in August, up from July’s 15.6%. August's figure marked the highest inflation rate since March 1997. Meanwhile, the trend pointed up, with annual average inflation coming in at 11.0% in August (July: 10.1%). Lastly, core inflation ticked up to 9.3% in July (the latest month for which data is available), from June’s 9.1%.
Commenting on the outlook, Adam Antoniak, senior economists at ING, stated:
“The scale of the price increase in July does not give room for complacency for the MPC. Although the holiday period brings a deceleration in inflation and we may even witness a slight decline in August (thanks to cheaper gasoline), we set another record this year, with prices rising by double-digit levels on an annual basis. Furthermore, we expect that this year's peak in inflation is still ahead of us.”
FocusEconomics panelists project inflation to average 7.4% in 2022, which is up 0.5 percentage points from last month’s forecast, and 4.9% in 2023.
Poland - Inflation Data
|Inflation Rate (CPI, annual variation in %)||-0.9||-0.6||2.0||1.6||2.3|
5 years of economic forecasts for more than 30 economic indicators.
Poland Inflation Chart
Source: Central Statistics Office.
|Bond Yield||2.07||-0.30 %||Dec 31|
|Exchange Rate||3.79||-0.53 %||Jan 01|
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September 8, 2022
At its meeting on 7 September, the National Bank of Poland (NBP) raised the key reference rate by 25 basis points from 6.50% to 6.75%, in line with market expectations.
September 2, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 40.9 in August, down from 42.1 in July.
September 1, 2022
GDP growth decelerated to 5.5% year on year (yoy) in the second quarter, from 8.5% in Q1.
August 31, 2022
Consumer prices rose 0.80% in August over the previous month, accelerating from the 0.60% increase recorded in July.
August 29, 2022
Business confidence rose to minus 15.2 in August from July's minus 15.6.