Poland: Inflation at six-month low on plunging fuel prices in May
May 29, 2020
Consumer prices fell 0.2% over the previous month in May, following April’s 0.1% dip, according to provisional data released by the Poland’s Statistical Institute (GUS). Slumping prices for fuels for private means of transport more than offset higher prices for food and non-alcoholic beverages. Core consumer prices in April (the latest month for which data is available) spiked 0.8% in month-on-month terms, up from March’s 0.5% jump.
Inflation fell from 3.4% in April to 2.9% in May, and thus moved further below the upper bound of the Central Bank’s target range of 2.5% plus or minus 1.0 percentage point. For its part, core inflation came in at 3.6% in April for the third consecutive month, which represents the highest print since April 2002.
All told, annual average inflation inched up from April’s 3.2% to 3.3% in May, the highest reading since February 2013.