Poland Inflation July 2020

Poland

Poland: Inflation moderates in July

July 31, 2020

Consumer prices dipped 0.1% over the previous month in July, contrasting June’s 0.6% jump. Lower prices for food and non-alcoholic beverages and for electricity, gas and other fuels more than offset rising prices for fuels for personal transportation. Core consumer prices in June (the latest month for which data is available) soared 0.7% in month-on-month terms, swinging from May’s 0.1% dip.

Inflation declined from 3.3% in June to 3.1% in July, and thus moved closer to the midpoint 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 4.1% in June, up from May’s 3.8% and the highest print since December 2001.

All told, annual average inflation inched up from 3.3% in June to 3.4% in July, the highest reading since January 2013.


Author: Massimo Bassetti, Senior Economist

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Poland Inflation July 20 20 0

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


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