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Poland Inflation September 2023

Poland: Inflation declines to lowest level since November 2021 in September

Inflation came in at 8.2% in September, down from August’s 10.1%. September’s reading marked the weakest inflation rate since November 2021. The decrease was primarily driven by a slower rise in prices for food and non-alcoholic beverages. In addition, prices for fuels for personal transport equipment fell.

Accordingly, the trend pointed down, with annual average inflation coming in at 14.3% in September (August: 15.0%).

Finally, consumer prices decreased 0.40% over the previous month in September, which was below August’s flat reading.

Commenting on the release, Rafal Benecki, senior economist at ING, stated:

“The most dynamic period of disinflation is now behind us. By the end of 2023, we expect inflation to fall to around 7% YoY, and from mid-2024 to stabilise around 5-6% YoY, remaining clearly above the NBP’s target. Moreover, the decline in interest rates, the rise in oil prices and the weakening of the zloty are laying the groundwork for a weaker period of disinflation in 2025.”

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