Inflation – December 2022 – Final GUS reading

flash estimate of inflation in december, Previously reported by the Central Bureau of StatisticsIt also amounted to 16.6 percent. Experts who expected a slightly slower deceleration in price growth were surprised.

In December, prices rose significantly year-on-year In the food category – by 21.5 percent, housing use and energy carriers – by 22.6 percent. Restaurants and hotels – 18.7 percent.

Milk prices increased by up to 37.2 percent. year, 36.4% vegetable fats, sugar by 87.4 percent. The energy carrier category increased by 31.1%. y / y, incl by up to 83.1 percent.

As we met on Friday:

• Inflation rate in the fourth quarter of 2022 – prices increased by 3.6%. compared to the third quarter
• average annual total inflation in 2022, which amounted to 14.4%.
• The average annual price index of goods and services for families of retirees and retirees was 14.8 percent in 2022.
• Average annual consumer price index for energy companies in 2022, which increased by up to 32.5% compared to 2021.

According to ING Bank Śląski experts, The bigger-than-expected slowdown in price growth in December was due to lower fuel and energy carrier prices. In the latter case, the main reason was the strong drop in coal prices (In November, the price of fuel increased by 109 percent. y/o – note ed). On the other hand, food prices continued to rise, and our estimates indicate that core inflation will continue to rise, as the repercussions of the energy shock were revealed that led to higher costs for many companies, forcing them to increase the prices of goods and services ING.

as estimated, Core inflation rose to about 11.7%. On an annual basis of 11.4 percent. s / o in november.

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In his opinion, this is the real price that we will pay from our wallets for the long-term tolerance by the monetary authorities of the high levels of inflation in Poland. All in the name of not causing a recession and a possible increase in unemployment. And according to Jankoviak, this is a “fundamental error” on the part of NBP. – in literature We will find plenty of articles saying that it is more costly for the economy to afford higher pricesFrom short-term changes in dynamics gross domestic product He said. Jankoyak.

As mentioned, such a policy could end with a “superior” threat of inflation in a few years, when prices stabilize and Poles move en masse for increases to make up for years of sacrifice.

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