Inflation in Poland showed a notable 10.8% year-on-year surge in July 2023, though there was a minor 0.2% month-on-month decline, as reported by the Central Statistical Office.
In June, the inflation rate reached 11.5% year on year, but there was a noticeable slowdown in the annual increase of food prices, which rose by 15.6% (compared to the previous month’s 17.8%). However, energy carrier costs surged by 16.7% YoY, while fuel prices experienced a significant drop of 15.5% in the same period.
Although the pace of inflation seems to be easing in Poland, it remains slower than in previous months. Consumers benefited from the seasonal decrease in fruit and vegetable prices. On the other hand, the overall economy is still grappling with the impact of soaring global fuel prices.
Looking ahead, all eyes are now on the upcoming August results, with PKO Research forecasting inflation to remain slightly above 10% YoY.