Inflation in Poland
Poland - Harmonized Inflation
Inflation increases in June
Consumer prices rose 1.50% in June over the previous month, which was below May's 1.70% rise. June's result marked the weakest reading since February. The moderation was broad-based, with lower price pressures recorded for food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, and transportation.
Inflation rose to 15.6% in June from May’s 13.9%. June's result represented the highest inflation rate since March 1997. Meanwhile, the trend pointed up, with annual average inflation coming in at 9.2% in June (May: 8.3%).
Commenting on the outlook, Rafal Benecki and Adam Antoniak, economists at ING, stated:
“Policymakers in many countries are trying to prevent second-round effects by raising rates and tightening fiscal policy, even at the expense of an economic slowdown. In Poland, central bank tightening comes with fiscal easing (we estimate fiscal expansion at about 3% of GDP in 2022), which makes the policy mix only marginally restrictive. This will sustain strong consumption growth, making the inflation situation even worse.”
FocusEconomics panelists project inflation to average 7.4% in 2022, which is up 0.5 percentage points from last month’s forecast, and 4.9% in 2023.
Poland - Harmonized Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (HICP, annual variation in %) | -0.7 | -0.2 | 1.6 | 1.2 | 2.1 |
Poland Harmonized Inflation Chart
Source: Central Statistics Office.
Poland Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.07 | -0.30 % | Dec 31 |
| Exchange Rate | 3.79 | -0.53 % | Jan 01 |
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Economic News
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Poland: Manufacturing PMI moves further into contractionary terrain in July
August 3, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 42.1 in July, down from 44.4 in June.
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Poland: Business sentiment falls in July
July 28, 2022
Business confidence fell to 15.6 in July from June's minus 13.0.
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Poland: Central Bank hikes rates by 50 basis points in July
July 27, 2022
At its meeting on 7 July, the National Bank of Poland (NBP) raised the key reference rate by 50 basis points from 6.00% to 6.50%.
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Poland: Industrial output records slowest expansion since October 2021 in June
July 25, 2022
Industrial production expanded 10.4% year on year in June (May: +14.9% yoy).
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Poland: Retail sales growth ebbs in June
July 25, 2022
Retail sales grew 19.9% year on year in June (May: +23.6% yoy).
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