Poland Inflation December 2019


Poland: Inflation closes 2019 at over seven-year high

January 15, 2020

Consumer prices surged 0.8% over the previous month in December, following November’s 0.1% uptick, according to a second release by the Poland’s Statistical Institute (GUS). The reading largely reflected higher prices for food and non-alcoholic beverages, for recreation and culture and for restaurants and hotels. Core consumer prices in November (the latest month for which data is available) were flat in month-on-month terms, down from October’s 0.3% rise.

Inflation jumped from 2.6% in November to 3.4% in December, the fastest increase since October 2012, and thus landed just 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 2.6% in November, above October’s 2.4%, printing the strongest increase since April 2012.

All told, annual average inflation edged up from November’s 2.1% to 2.3% in December, the highest reading since May 2013.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.5% in 2020, which is unchanged from last month’s projection. For 2021, the panel sees inflation averaging 2.4%.

Author: Massimo Bassetti, Senior Economist

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Poland Inflation Chart

Poland Inflation December 2019 1

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

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