The Central Bureau of Statistics reported on Friday that the inflation rate in June was 15.5 percent on an annual basis. This is lower than stated in the so-called rapid estimate. According to the detailed data, fuel increased by 122% year-on-year, and gas prices increased by 46.2%.
June inflation At 15.5 percent is the highest since March 1997, or 25 years ago. The price increase at that time was 16.6 percent. At the beginning of July this year. The Central Statistics Office reported in a so-called quick estimate that inflation last month was 15.6 percent year on year.
The office said that the prices of goods and services rose by 1.5 percent compared to the previous month.
Inflation in Poland – what has risen the most?
Data published on Friday shows that during the year prices related to transportation rose the most – by 33.4 percent. Food and non-alcoholic beverages are 14.2 percent more expensive than last year. On the other hand, prices for the use of an apartment or a home and energy transmission companies increased by 24.2 percent year on year.
According to the detailed data, fuel increased by 122% year-on-year, and gas prices increased by 46.2%. We also pay much more than in the same period last year for diesel, gasoline and LPG for private transportation. Prices increased by 43.4%, 47.3% and 55.7%, respectively.
From GUS . data It shows that the prices of poultry meat rose 34.7% year on year, and beef by 32.3%. The price of flour is up 38 percent, and we pay 28.2 percent more for bread. Sugar is up 39.3 percent year over year, and butter is up 30.6 percent. Milk also costs 21 percent more. Double-digit increases also apply to eggs (17.6 percent), cheese and yoghurt (19.4 percent).
Prices associated with tourism are also rising. And “organized tourism abroad”, that is, trips with travel agencies, increased by 40.7 percent. And in the case of domestic departures, prices rose by 16.3%.
Inflation in June – Comments
“With the use of cheaper fuels, it is possible that June could have seen the peak of domestic inflation,” PKO BP economists noted.
The Polish Economic Institute predicts that “inflation will peak in the summer”. “We are approaching peak inflation – in August the CPI could reach 16.5 percent. Food will be more expensive. However, this is likely to be the end of the increase. World food prices are stabilizing – within a month wheat is down 25 percent” – We read in the entry on Twitter.
At the same time, the PIE noted that “high inflation will continue throughout the rest of the year.” “We expect a decrease to about 13.5 percent in December. Recovery from rising inflation will be slow, however – the price increase will exceed at least 10 percent until the second quarter of next year” – the institute predicts.
MBank economists note that we haven’t seen a revision of inflation data for a long time. They noted that “other good news is that core inflation” only “accelerated to 9.1-9.2%. The acceleration of this inflation measure is declining. Inflation in July may be even lower” – they noted.
The central track of the July projection of the Polish National Bank assumes that CPI inflation in Poland in 2022 will reach 14.2 percent, in 2023 it will be at the level of 12.3 percent, and in 2024 it will reach 4.1 percent.
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