Poland Inflation June 2020

Poland

Poland: Inflation rises in June amid lockdown easing

July 15, 2020

Consumer prices jumped 0.6% over the previous month in June, contrasting May’s 0.2% decline. Soaring prices for food and non-alcoholic beverages and for electricity, gas and other fuels more than offset slumping prices for fuels for personal transportation-which nevertheless dropped at a softer pace than in May. Core consumer prices in May (the latest month for which data is available) dipped 0.1% in month-on-month terms, swinging from April’s 0.8% jump.

Inflation rose from 2.9% in May to 3.3% in June, and thus moved closer to the upper bound 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 3.8% in May, up from April’s 3.6% and the highest print since February 2002.

All told, annual average inflation was stable at May’s 3.3% in June, the highest reading since February 2013.


Author: Massimo Bassetti, Senior Economist

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Poland Inflation June 20 20 1

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


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