Inflation in Poland
Poland - Inflation
Inflation jumps to over eight-year high in February
Consumer prices surged 0.7% over the previous month in February, following January’s 0.9% jump, according to a flash release by the Poland’s Statistical Institute (GUS). The reading largely reflected soaring prices for food and non-alcoholic beverages and for utilities, more than offsetting lower prices for transport and clothing and footwear. 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 climbed from 4.3% in January to 4.7% in February, the fastest increase since November 2011, and thus moved further 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 January’s 2.6% to 2.9% in the second month of 2020, the highest reading since March 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%.
Poland - Inflation Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 0.0 | -0.9 | -0.6 | 2.0 | 1.6 |
Poland Inflation Chart
Source: Central Statistics Office.
Poland Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.07 | -0.30 % | Dec 31 |
| Exchange Rate | 3.79 | -0.53 % | Jan 01 |
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Economic News
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Poland: Government approves EUR 47 billion stimulus package to buttress economy against coronavirus blow
April 6, 2020
On 30 March, Poland’s Parliament approved a PLN 212 billion (EUR 47 billion) stimulus package, including both wage support and credit guarantees to businesses in an effort to soften the economic impact of the coronavirus outbreak.
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Poland: Strongest hit to manufacturing sector since financial crisis in March
April 1, 2020
The manufacturing Purchasing Managers’ Index (PMI), released by IHS Markit, fell from 48.2 in February to March’s 42.4, as the economy is severely hit by the coronavirus outbreak.
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Poland: Coronavirus fears sap business sentiment in March
March 24, 2020
Manufacturing-sector business confidence lost ground in March, dragged down by concerns associated to the economic impact of coronavirus, according to the business tendency indicator released by Statistics Poland.
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Poland: Coronavirus fears boost retail sales in February
March 20, 2020
Nominal retail sales soared 9.6% year-on-year in February, up from January’s 5.7% expansion.
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Poland: Central Bank slashes rates in extraordinary meeting in March
March 19, 2020
The National Bank of Poland (NBP) slashed the reference rate from 1.50% to a record low of 1.00% at an extraordinary monetary policy meeting held on 17 March in a bid to shield the economy from the negative spillovers from the spread of coronavirus.
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