The state-run Statistics Poland (GUS) agency said its Current Consumer Confidence Index, which describes current trends in personal consumption, edged up by 0.7 points in September, while remaining in negative territory of “minus 44.2” points.
Polish consumers surveyed this month were more positive about their spending power than a month earlier, and their evaluation of their own financial condition also improved from August, according to Statistics Poland.
Compared with September last year, however, the Current Consumer Confidence Index was 31.2 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 2.4 points in September from August, to “minus 33.2” points, Statistics Poland reported last week.
It added that most components of that indicator declined, including how consumers evaluate the future financial situation of their households 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 25.1 points lower in September 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 September 5 and 14.
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 16.1 percent in year-on-year terms in August, hitting the highest level this century.
The Polish central bank’s Monetary Policy Council this month raised key interest rates for the 11th consecutive time in a bid to combat surging prices.
(gs)
Source: PAP, stat.gov.pl