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Poland Inflation January 2023

Poland: Inflation accelerates in January

Inflation came in at 17.2% in January, which was up from December’s 16.6%. Looking at the details of the release, faster price pressures were recorded for electricity, electricity, gas and other fuels, transport and fuels for personal transport equipment.

The trend pointed up, with annual average inflation coming in at 15.0% in January (December: 14.3%).

Lastly, consumer prices increased 2.40% in January over the previous month, accelerating from the 0.10% rise recorded in December.

Commenting on the release, Adam Antoniak, senior economist at ING, stated:

“Although the level of inflation turned out to be clearly below expectations, the main trends remain similar to our scenario. Inflation will peak in February this year, but probably below 19% rather than close to 20% as we feared earlier. The odds of inflation falling to single-digit levels by the end of the year have also increased substantially. Core inflation, however, remains stubbornly high.”

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