Polish inflation at 16.2% in March: flash estimate

Inflation in Poland stood at 16.2 percent in year-on-year terms in March, the country’s statistics office said in a flash estimate on Friday.

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The reading was 0.4 percentage points higher than forecast by economists polled by Poland’s PAP news agency.

March 2023 #consumer prices according to the rapid estimate increased by 16.2% (price index 116.2) compared to March 2022, and increased by 1.1% (price index 101.1) compared to February 2023. https://t.co/E5SN3tyIxX#StatisticsPoland #statistics pic.twitter.com/WltwrJakVk

— Statistics Poland (@StatPoland) March 31, 2023

In February, the prices of consumer goods and services in Poland were 18.4 percent higher than in the same month a year earlier, according to the state-run Statistics Poland (GUS) agency.

In January, Poland's consumer price index stood at 17.2 percent, Statistics Poland has reported.

Inflacja w marcu spadła o 2,2 procent w porównaniu do lutego licząc rok do roku. Znamy wstępne szacunki GUS https://t.co/AnPy3yOuhj

— Gospodarka - Polskie Radio (@Gospodarka_PRSA) March 31, 2023

Poland’s central bank chief, Adam Glapiński, this month renewed his prediction that inflation would drop to the single digits by the end of 2023.

The Polish central bank said in its latest Inflation Report, released on March 10, that inflation would average at 11.9 percent this year, followed by 5.7 percent in 2024 and 3.5 percent in 2025.

Earlier this month, the bank’s rate-setting Monetary Policy Council left key interest rates unchanged, keeping the reference rate at 6.75 percent.

(gs)

Source: PAP