Inflation peak to be seen at 19-20 pct in February 2023, says finance minister

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Poland’s inflation will likely peak at 19-20 per cent year on year in February 2023 and gradually decelerate from then on, a Deputy Finance Minister has said.

“It seems that in February we will exceed 19 per cent (inflation – PAP); whether it will be 20 per cent is currently hard to say… for the time being, according to the Ministry of Finance, it will be in the 19-20 per cent range,” Piotr Patkowski told private broadcaster Radio Plus. “As of March, we expect disinflation, i.e., a decline of readings in annual terms.”

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“There will be no recession in 2023; currently we forecast there will be ca. 1 per cent (GDP growth – ed.),” Patkowski added.

Poland’s 2023 budget is based on the assumption of GDP growth of 1.7 per cent and average annual inflation of 9.8 per cent.

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