Poland Inflation June 2022

Poland

Poland: Inflation increases in June

July 1, 2022

Consumer prices rose 1.50% in June over the previous month, which was below May's 1.70% rise. June's result marked the weakest reading since February. The moderation was broad-based, with lower price pressures recorded for food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, and transportation.

Inflation rose to 15.6% in June from May’s 13.9%. June's result represented the highest inflation rate since March 1997. Meanwhile, the trend pointed up, with annual average inflation coming in at 9.2% in June (May: 8.3%).

Commenting on the outlook, Rafal Benecki and Adam Antoniak, economists at ING, stated:

“Policymakers in many countries are trying to prevent second-round effects by raising rates and tightening fiscal policy, even at the expense of an economic slowdown. In Poland, central bank tightening comes with fiscal easing (we estimate fiscal expansion at about 3% of GDP in 2022), which makes the policy mix only marginally restrictive. This will sustain strong consumption growth, making the inflation situation even worse.”

FocusEconomics panelists project inflation to average 7.4% in 2022, which is up 0.5 percentage points from last month’s forecast, and 4.9% in 2023.


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Poland Inflation June 2022

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


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