The state-run Statistics Poland (GUS) agency said its Current Consumer Confidence Index, which describes current trends in personal consumption, went down by 1.3 points in October, slipping deeper into negative territory of “minus 45.5” points.
Polish consumers surveyed this month were less positive about their spending power than a month earlier, and their evaluation of the economy as a whole also worsened from September, according to Statistics Poland.
Compared with October last year, the Current Consumer Confidence Index was 27.7 points lower, the statistical office said.
Meanwhile, the so-called Leading Consumer Confidence Index, which provides an insight into expected trends in personal consumption in the coming months, dropped 2.5 points in October from September, to “minus 35.7” points, Statistics Poland reported last week.
It added that most components of that indicator declined, including how consumers evaluate their saving prospects and the future level of unemployment. Respondents were also less positive than a month earlier about the future condition of the economy.
The Leading Consumer Confidence Index was 21.2 points lower in October than in the same month of 2021, the office reported.
Both consumer confidence indicators take values from -100 to +100. A positive value means that optimistic attitudes prevail among consumers, while a negative value indicates a prevalence of pessimistic views.
The latest consumer sentiment study was conducted between October 3 and 12.
Almost 72 percent of those surveyed said their responses were impacted by "the current situation in Ukraine," Statistics Poland reported.
Inflation in Poland stood at 17.2 percent in year-on-year terms in September, hitting the highest level this century.
The Polish central bank’s Monetary Policy Council last month raised key interest rates for the 11th consecutive time in a bid to combat surging prices.
(gs)
Source: PAP, stat.gov.pl