Consumer inflation was 10.8% year-on-year in July 2023, according to the Polish Central Statistical Office (GUS). Compared to the previous month, prices of goods and services fell by 0.2%.
On an annual basis, the increase in the prices of services was 11.3% and goods reached 10.6%. Compared to the previous month, the prices of goods and services decreased by 0.2% (including goods – by 0.6% with an increase in the prices of services – by 0.8%).
In July this year, compared to the previous month, the greatest impact on the total consumer price index was exerted by lower prices for food (by 1.3%) and clothing and footwear (by 3.1%), which reduced the index by 0.34 percentage points and 0.13 percentage points, respectively. Higher prices for recreation and culture (by 1.6%), housing (by 0.2%) and restaurants and hotels (by 0.7%) increased the index by 0.10 percentage points, 0.05 percentage points and 0.04 percentage points, respectively, according to the GUS report.
Compared to the corresponding month of the previous year, higher prices for food (by 15.6%), housing (by 13.1%) and recreation and culture (by 12.1%) raised the index by 3.79 percentage points, 3.26 percentage points and 0.75 percentage points, respectively. Lower prices for transport (by 8.5%) lowered the index by 0.90 percentage points, the Office also stated.
The market consensus was +10.8% y/y and -0.2% m/m in July.
Earlier, in its rapid data estimate, GUS indicated that inflation stood at 10.8% year-on-year in July this year. (versus 11.5% y/y in June).
Source: GUS and ISBnews
