Poland: Inflation accelerates in June
July 13, 2012
In June, consumer prices rose 0.2% over the previous month, which mirrored the result observed in May. According to the Central Statistical Office (GUS), the increase was mainly influenced by higher prices for food as well as for recreation and culture, spurred by extra spending during the Euro 2012 football tournament. Annual headline inflation increased from 3.6% in May to 4.3% in June, which was above market expectations that had inflation rising to 4.1%. In fact, inflation went up to the highest level seen in four months and remained above the Central Bank's target of 2.5% (plus/minus 1.0 percentage point) for an 18th consecutive month. Meanwhile, the core consumer price index, which excludes food and energy prices, inched up 0.1% over the previous month, driving annual core inflation to 2.3% in June.