Polish inflation at 11.5% in June: flash estimate

Inflation in Poland stood at 11.5 percent in year-on-year terms in June, the country’s statistics office said in a flash estimate on Friday.

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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 June 2023 as compared to June 2022 increased by 11.5% (price index 111.5) and related to the May 2023 remained at the same level (price index 100.0).https://t.co/UrqDcRjcXv#StatisticsPoland #statistics #CPI pic.twitter.com/forvWygMUv

— Statistics Poland (@StatPoland) June 30, 2023

In May, the prices of consumer goods and services in Poland were 13 percent higher than in the same month a year earlier, according to the state-run Statistics Poland (GUS) agency.

In April, Poland's consumer price index stood at 14.7 percent.

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