Polish inflation at 10.1% in August: flash estimate

Inflation in Poland stood at 10.1 percent in year-on-year terms in August, the country’s statistics office said in a flash estimate on Thursday.

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

According to the flash estimate consumer #prices in #Poland in August 2023 as compared to August 2022 increased by 10.1% (price index 110.1) and remained at the same level (price index 100.0) as compared to July 2023.https://t.co/zisvGBIhHX#StatisticsPoland #statistics #CPI pic.twitter.com/6BezHfWx24

— Statistics Poland (@StatPoland) August 31, 2023

In July, the prices of consumer goods and services in Poland were 10.8 percent higher than in the same month a year earlier, according to the state-run Statistics Poland (GUS) agency.

In June, Poland's consumer price index stood at 11.5 percent.

Jaka była inflacja w sierpniu? Znamy dane GUS https://t.co/GiefYE3jNi

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

Poland’s central bank chief, Adam Glapiński, last 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 in July left key interest rates unchanged, keeping the reference rate at 6.75 percent.

(gs)

Source: PAP