The percentage of businesses expecting an increase in CPI consumer inflation for next year was 57%, compared to 80% expecting it to rise in 2023, according to the Economic Weekly of the Polish Economic Institute (PIE).
In December 2023, less than 60% of companies think inflation will rise in 2024. But in January 2023, up to 80% expected inflation to rise in the coming year. High inflation accompanied businesses throughout 2023, although the pace of inflation slowed somewhat towards the end of the year. Forecasts for 2024 predict a lower level of inflation.
The PIE and BGK survey found that 24% of companies disagree that inflation will increase in 2024, while 19% had no opinion.
Due to persistent geopolitical uncertainty and shocks destabilising economic processes, recent years have presented businesses with particularly difficult challenges. Relatively high inflation, rising energy prices, interest rate fluctuations or labour market instability are the new everyday reality for doing business. As part of the MIK’s research at the beginning and end of 2023, we asked entrepreneurs to respond to five statements about their predictions for important areas of the economy. Opinions from January 2023 referred to predictions for 2023, while opinions from December 2023 refer to 2024. Pessimistic predictions about energy prices persist. As many as% of companies assume that the price of energy carriers will increase in 2024. An even higher proportion (87%) of businesses predicted price increases in 2023, according to the report.
Source: PIE and ISBnews
