Inflation in Poland in August 2022 – Final Data

Inflation at highest point in 25 years.  What traveled the most?
photo: Marek Lapis / / FORUM

With increasingly expensive food and rising fuel prices, the consumer price index reached its highest annual momentum in more than 25 years. This happened despite the cutbacks at gas stations in August.

In August, consumer goods and services rose by 16.1 process. compared to the same month last year – the Central Bureau of Statistics released the final data. This is more than 15.6% recorded in July and 15.5% in June. It was also a result in line with the quick estimate published at the beginning of the month, which then unpleasantly surprised economists who expected CPI inflation to fall. It is also the highest reading of CPI inflation since March 1997, more than 25 years.

Bankier.pl based on the Central Statistical Office

Compared to July, the CPI index rose by 0.8%. after a 0.5 percent increase in July MDM. Although the monthly inflation trend is much slower than in the autumn and winter, it is still much faster than the limits set by the Polish monetary authorities. To keep inflation within the 2.5% target, the average monthly growth rate should not exceed 0.2 process.

It is worth noting that the consumer price index rose sharply in August, despite a clear sell-off at petrol stations. According to the Central Bureau of Statistics, gasoline decreased by 9.7 in front of. cheaper than in July, diesel at 6.3 in front of.and LPG cheaper Fr. process. However, the fuels were still clearly more expensive than last year.

On the other hand, the rise in food and non-alcoholic drinks prices, which reached a staggering 17.5 in August, accelerated. in front of. more expensive than last year (including food at 18.1 in front of.). By comparison, annual price growth in this category was 15.3 . in July in front of.on June 14 in front of.advanced 13.5 in front of.and in April 12.7 process. The prices of energy carriers rose very quickly, rising by 40.3 in the past 12 months. have risen process.

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The price increase compared to August last year was recorded in all major categories of goods and services. The most expensive prices were in the use of a flat or house, energy carriers (with 27.4%) and transport (19.5%). Foods and non-alcoholic beverages were up 17.5%, restaurants and hotels were up 16.7% and equipment and household maintenance was up 12.2%. Prices of “other goods and services” (10.6%) and leisure and culture (up 12.6%) also rose at a rapid pace, but at double digits. Alcoholic beverages and tobacco products fell by 8.3 percent. more expensive than last year. In the “health” category, prices rose by 7.4 in front of. j/y, in education with 6.9 percent and communications with 4.3 percent. Even the infamous deflationary (at least according to Statistics Netherlands) category “clothing and footwear” recorded a price increase of 5.2%.

The biggest “inflation hit” was still fuel, where prices rose an astonishing 156.9% a year, thanks to the excruciatingly high prices of coal. Sugar (109.2% y/y) took second place, followed by vegetable fats (49%), flour (44.6%) and gas (36.6%). Overall, the CSO noted very strong price increases for many staple foods. And so in the past 12 months, butter increased by 33.1%, poultry by 32.8%, beef by 32%, bread by 30.4%, milk by 28%, rice by 22.9%, fish by 19. .7%, eggs at 19.2% and pork at 17.5%.

Bankier.pl based on the Central Statistical Office

Some services still went up very quickly. Organized tourism cost us on average 23.2% more than last year. Prices of transport services increased by 24.4%. The price lists in restaurants and hotels rose by an average of 16.7%. We pay on average 15.8% more for a visit to the dentist, 15.6% more than last year and 14.9% more for a hairdresser or beautician.

The year-on-year price decline was recorded by GUS statisticians for only one group of goods. Telecommunications equipment was discounted by 8.3%.

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