Price increases for some products and services amount to double-digit annual results. This translates to a worse financial situation for the Poles. However, experts do not have good news, and inflation is expected to continue to rise. More data provided by the Central Statistical Office (GUS) is alarming.
If the forecasts of economists come true, inflation in Poland will reach a level not seen since January 2001, when it reached 7.4%. The economists wrote: “We estimate that November led to another increase in CPI inflation – to 7.4% y/y. Food price increase accelerated to about 6% y/y, fuel prices increased by about 36% y/y Annual” – Pekao Bank SA in a report on Monday, citing the portal 300gospodarka.pl.
“In our opinion it will be 7.4 per cent, and we are definitely talking about a level above 7 per cent, there is no doubt about that. This is much higher than the central bank’s forecasts for inflation. The path of inflation has increased ”- adds Monica Kortic of Pocztowy Bank in an interview with 300gospodarka.pl.
However, this is not the end of the price hike, and its peak is expected at the beginning of the year, when Inflation may reach 8.5-9%. on an annual basis. The rate hike led to a November rate hike by the Monetary Policy Board.
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Many consider this procedure too late, and experts note that it will have tangible effects only after a few months. Commentators expect the rate to be raised again in December (currently 1.25 percent). In November, the Central Statistical Office released more disturbing data, which will translate into higher prices in the coming months.
Producers, both in industry, agriculture and construction, increased the prices of their products and services significantly in October. Year-on-year industrial production prices rose 11.8 percent in October. (the highest increase since October 1997), agricultural purchase prices by up to 15.6%, and construction and assembly prices by 5.5%.
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