In July, Poland experienced a notable inflation rise of 4.2% year-on-year, as reported by the Central Statistical Office (GUS). This marks a significant increase of 1.4 percentage points from the previous month, the largest spike in recent months. The most substantial contributors to this surge were energy prices, which rose by 10% year-on-year. Additionally, food and non-alcoholic beverages saw a 3.2% increase, while fuel prices for private transport inched up by 1.2%.
Monthly Comparison Highlights
Compared to June, July showed varied trends across different sectors. Food and non-alcoholic beverage prices dropped by 0.5%, while energy costs surged by 11.8%. Fuel prices remained stable. The detailed inflation report for July will be released by GUS in mid-August, but the preliminary data already underscores the significant impact of rising energy costs on overall inflation.
According to economist Łuczkowski from Bank Pekao, the inflation spike was further influenced by rising water and sewage rates in certain municipalities. In places like Białystok and Łódź, these rates increased by 50% and nearly 35%, respectively. Though these categories account for only 2.5% of the inflation basket, their hikes added 0.1% to the core inflation rate, which rose to 3.7%.