Polish inflation at 13% in May: flash estimate

Inflation in Poland stood at 13 percent in year-on-year terms in May, the country’s statistics office said in a flash estimate on Wednesday.

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The reading was 0.2 percentage points lower than forecast by economists polled by Poland’s PAP news agency.

According to the flash estimate consumer #prices in #Poland in May 2023 as compared to May 2022 increased by 13.0% (price index 113.0) and related to the April 2023 remained at the same level (price index 100.0).https://t.co/vDjgTwcG54#StatisticsPoland #statistics #CPI pic.twitter.com/Vutu7R4mkB

— Statistics Poland (@StatPoland) May 31, 2023

In April, the prices of consumer goods and services in Poland were 14.7 percent higher than in the same month a year earlier, according to the state-run Statistics Poland (GUS) agency.

In March, Poland's consumer price index stood at 16.1 percent.

Inflacja w maju nadal w silnym trendzie spadkowym. GUS podał najnowsze dane https://t.co/wyXbAhWt4F

— Gospodarka - Polskie Radio (@Gospodarka_PRSA) May 31, 2023

Poland’s central bank chief, Adam Glapiński, has predicted that inflation will drop to the single digits by the end of 2023.

The Polish central bank said in its latest Inflation Report, released in March, that inflation would average at 11.9 percent this year, followed by 5.7 percent in 2024 and 3.5 percent in 2025.

The bank’s rate-setting Monetary Policy Council this month left key interest rates unchanged, keeping the reference rate at 6.75 percent.

(gs)

Source: PAP