Poland Inflation August 2022

Poland

Poland: Inflation comes in at highest level since March 1997 in July

August 31, 2022

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.


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