European Commission: Inflation in Poland in 2023 will be the highest in Europe

The European Commission is lowering its economic growth forecast for Poland this year. This is the effect of the collapse of trade with Russia and Ukraine and the rise in inflation. The European Commission expects that next year’s prices in our country will grow as fast as possible in Europe.

The European Commission published a report in which it significantly lowered its forecast for economic growth for Europe. According to her, in 2022 the EU economy will grow by 2.7 percent. (Previous forecasts assumed an increase of 4%), and in 2023 – 2.3%. (previously 2.8%).

According to the European Commission, Poland’s economic growth in 2022 will be 3.7%, and in 2023 our economy will grow by an average of 3%.

As the European Commission notes, the European and global economy is suffering, among other things, due to high energy prices and disruptions in supply chains, which contributed to the Russian invasion of Ukraine. However, these factors have already been affected by the difficulties related to the coronavirus pandemic.

In connection with the situation The average annual inflation in the Eurozone in 2022 will be 6.1%. The previous projection spoke of a 3.5% increase.

However, prices will rise faster in Central and Eastern Europe. According to the European Commission, in 2022, Lithuania will experience the highest inflation rate, which is expected to reach 12.5 percent. It will also be in the lead Poland, where prices will rise an average of 11.6 percent.

The European Commission expects price increases in the eurozone to slow next year to 2.7%. However, in the rest of the EU as well, inflation will be lower In Poland, prices will rise faster than in Europe. According to the European Commission, in 2023, inflation in our country will reach 7.3 percent.

Let us remember that according to the National Bank of Poland, inflation in our country will return to the central bank target (ie 2.5% with a possible deviation of 1 percentage point) only in 2024.

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