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Poland Inflation July 2022

Poland: Inflation comes in at highest level since March 1997 in July

Consumer prices rose 0.50% in July over the previous month, slowing down from the 1.50% increase recorded in June. July’s result marked the softest rise in prices since February. The reading was driven by moderating price pressures for food and non-alcoholic beverages and easing price pressures for transportation.

Inflation came in at 15.6% in July, up from June’s 15.5%. July’s figure marked the highest inflation rate since March 1997. Meanwhile, the trend pointed up, with annual average inflation coming in at 10.1% in July (June: 9.2%). Lastly, core inflation ticked up to 9.3% in July, from June’s 9.1%.

Commenting on the outlook, Adam Antoniak, senior economists at ING, stated:

“The scale of the price increase in July does not give room for complacency for the MPC. Although the holiday period brings a deceleration in inflation and we may even witness a slight decline in August (thanks to cheaper gasoline), we set another record this year, with prices rising by double-digit levels on an annual basis. Furthermore, we expect that this year’s peak in inflation is still ahead of us.”

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