Poland Inflation July 2019

Poland

Poland: Inflation at over seven-year high in July

July 31, 2019

Consumer prices were unchanged over the previous month in July, following June’s 0.3% month-on-month increase, according to provisional data released by the Poland’s Statistical Institute (GUS). The reading resulted from higher prices for food and non-alcoholic beverages offsetting lower prices for fuels for personal transport equipment. Core consumer prices in June (the latest month for which data is available) rebounded 0.4% in month-on-month terms, contrasting May’s 0.3% drop.

Inflation edged up to 2.9% in July from 2.6% in June, marking the fastest increase since October 2012 and moving further above the midpoint of the Central Bank’s target range of 2.5% plus or minus 1.0 percentage point. This was due to faster price rises for food and non-alcoholic beverages. For its part, core inflation in June rose to 1.9% from May’s 1.7%, the highest reading since November 2012.

All told, annual average inflation inched up from June’s 1.7% to 1.8%.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2019, which is down 0.2 percentage points from last month’s projection. For 2020, the panel sees inflation averaging 2.5%.


Author: Massimo Bassetti, Economist

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Poland Inflation July 2019

Note: Annual and monthly variation of consumer price index in %.
Source: Central Statistical Office (GUS).


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