Prices of consumer goods and services in July 2023 were on average 10.8 percent higher than the previous year, which means a further slowdown in inflation (from 11.5 percent a month earlier). Prices remain very high and exceed levels recorded in most EU countries, but there is light at the end of the tunnel and we are not far from returning to single-digit values.
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In year-over-year comparisons, inflation is going down, which doesn’t mean prices are going down. The situation in the dataset varies from month to month. In this regard Monday’s data from the Central Statistical Office is groundbreaking. On average, prices fell by 0.2%. Thus, the first monthly price drop since February 2021 was confirmedexcept for February 2022, when there was also a price drop, but it was caused by lower VAT rates.
It has been a long time since we recorded an average monthly decline in prices across the entire inflation basket.
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Macronext
The annual inflation rate has slowed to less than 11%. The decline in prices on a monthly basis also does not surprise economists, especially since two weeks ago the Central Bureau of Statistics published its price estimates. Now that we have the final data, we can look at exactly what and how much is getting more expensive, and what has gotten cheaper in the last month.
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Prices in Poland. Changes in the most important categories
Taking into account the impact of the main categories of goods and services on the overall prices for the month of July Fuels have the greatest “advantage” in reducing inflation (lower inflation). Their prices are 15.5 percent lower. every year. The statistics continue to balloon Food prices (up 15.6%) I Energy carriers (16.8% increase).
The situation is different in comparisons between July and June. On a monthly basis, prices of food and non-alcoholic beverages decreased by 1.2 percent. At the same time, prices for energy carriers were stable, and fuel prices rose slightly (by 0.4%).
Inflation in Poland. What is cheaper?
Since we’re dealing with long-unseen price declines (on a monthly basis) on average for the entire inflation basket, let’s investigate what made them cheaper specifically.
The biggest discounts are in food. Seasonal vegetables stand out and were 6.6% cheaper in July. compared to June. Meanwhile, prices of fruits decreased by 4.7 percent, flour by 3 percent, and poultry by 2.7 percent. In general, most groceries get cheaper in one month, but the differences are less than 1 percent. or less often up to 2%.
Just over 3 percent clothes and shoes are also becoming cheaper. by about 2 percent. Prices for telecommunications equipment and books decreased – by 1 percent. and about 0.5 percent. We paid less for furniture and appliances.
It is difficult to talk about significant reductions in gas and fuel prices, because statistically speaking, prices have decreased by 0.1-0.2 percent in one month.
There too Individual examples of price reductions compared to the same period in the previous year. We are talking about poultry meat (2.1% cheaper), butter (-8.1%), opal (-8.7%) and gasoline (-13.9%).
Annual inflation is still in the double digits
The slight drop in prices over the past month and the individual examples of deep discounts over the longer term don’t change that In general, high prices have not gone away and inflation continues to weigh on our wallets. Examples?
in the grocery The king of high prices remains sugar, and you have to pay 48 percent for it. more than last year. By 22 percent, eggs are more expensive, and vegetables – by 23.5 percent. Up to 20 percent Cocoa prices have also gone up, and coffee costs 17 percent. more than a year ago.
Fruit prices increased by 9%. Looks small at over 16%. Milk spurts. The same goes for fish, and pork rose by 18.5 percent. Pasta prices are, on average, about 17% lower than they were in the previous year. Bigger, bread – by more than 13 percent.
You need to spend an average of 6.5% on clothes. more than a year ago. Shoes are becoming more expensive (by 8%). The cost of using the apartment has increased by nearly 14 percent. (including extreme heat – down 38 percent and electrics – down 22 percent). During this time, drug prices increased by more than 8 percent, and menu prices in restaurants and hotels by 13.8 percent.
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