Polish inflation at 10.8% in July: flash estimate

Inflation in Poland stood at 10.8 percent in year-on-year terms in July, the country’s statistics office said in a flash estimate on Monday.

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The reading was 0.1 percentage point lower than forecast by economists polled by Poland’s PAP news agency.

According to the flash estimate consumer #prices in #Poland in July 2023 as compared to July 2022 increased by 10.8% (price index 110.8) and as related to the June 2023 decreased by 0.2% (price index 99.8).https://t.co/DpxrH2IzPr#StatisticsPoland #statistics #CPI pic.twitter.com/0o9eYhqH8C

— Statistics Poland (@StatPoland) July 31, 2023

In June, the prices of consumer goods and services in Poland were 11.5 percent higher than in the same month a year earlier, according to the state-run Statistics Poland (GUS) agency.

In May, Poland's consumer price index stood at 13 percent.

Poland’s central bank chief, Adam Glapiński, this month renewed his prediction that the Polish economy would avoid a recession in 2023 and that inflation would drop to the single digits by the end of the year.

The Polish central bank said in its latest Inflation Report, released on July 10, that inflation would average at 11.9 percent this year, followed by 5.2 percent in 2024 and 3.6 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