Prices of consumer goods and services in July 2023 were on average 10.8 percent higher than the previous year, which means a further slowdown in inflation (from 11.5 percent a month earlier). Prices remain very high and exceed levels recorded in most EU countries, but there is light at the end of the tunnel and we are not far from returning to single-digit values.
See also: Romania warned us. Inflation has fallen below an important limit
In year-over-year comparisons, inflation is going down, which doesn’t mean prices are going down. The situation in the dataset varies from month to month. In this regard Monday’s data from the Central Statistical Office is groundbreaking. On average, prices fell by 0.2%. Thus, the first monthly price drop since February 2021 was confirmedexcept for February 2022, when there was also a price drop, but it was caused by lower VAT rates.
It has been a long time since we recorded an average monthly decline in prices across the entire inflation basket.
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Macronext
The annual inflation rate has slowed to less than 11%. The decline in prices on a monthly basis also does not surprise economists, especially since two weeks ago the Central Bureau of Statistics published its price estimates. Now that we have the final data, we can look at exactly what and how much is getting more expensive, and what has gotten cheaper in the last month.
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Prices in Poland. Changes in the most important categories
Taking into account the impact of the main categories of goods and services on the overall prices for the month of July Fuels have the greatest “advantage” in reducing inflation (lower inflation). Their prices are 15.5 percent lower. every year. The statistics continue to balloon Food prices (up 15.6%) I Energy carriers (16.8% increase).
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