Poland Inflation January 2020


Poland: Inflation surges to over eight-year high at beginning of the year

February 14, 2020

Consumer prices surged 0.9% over the previous month in January, following December’s 0.8% jump, according to a flash release by the Poland’s Statistical Institute (GUS). The reading largely reflected soaring dwelling prices and higher prices for food and non-alcoholic beverages and tobacco, more than offsetting lower prices for transport. Core consumer prices in December (the latest month for which data is available) spiked 0.6% in month-on-month terms, up from November’s flat reading.

Inflation took off from 3.4% in December to 4.4% in January, the fastest increase since December 2011, and thus moved above 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 3.1% in December, above November’s 2.6%, printing the strongest increase in over eight years.

All told, annual average inflation rose from December’s 2.3% to 2.6% in the first month of 2020, the highest reading since April 2013.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.5% in 2020, which is unchanged from last month’s projection. For 2021, the panel sees inflation averaging 2.4%.

Author: Massimo Bassetti, Economist

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Poland Inflation Chart

Poland Inflation January 20 20

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

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