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Polish consumer sentiment down in August: stats office

22.08.2022 07:30
Consumer sentiment in Poland has declined this month, the country’s statistics office has reported, amid worries over inflation, growing energy prices and Russia's war against Ukraine.
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The state-run Statistics Poland (GUS) agency said its Current Consumer Confidence Index, which describes current trends in personal consumption, went down by 3.2 points in August, slipping deeper into negative territory of “minus 44.9” points.

Polish consumers surveyed this month were less positive about their financial prospects than a month earlier, and their evaluation of the economy as a whole also worsened from July, according to Statistics Poland.

Compared with August last year, the Current Consumer Confidence Index was 30.3 points lower, the statistical office said.

Meanwhile, the so-called Leading Consumer Confidence Index, which provides an insight into expected trends in personal consumption in the coming months, dropped 1.4 points in August from July, to “minus 30.8” points, Statistics Poland reported last week.

It added that all components of that indicator declined, including how consumers evaluate their saving prospects and the future financial situation of their households. Respondents were also less positive than a month earlier about the future condition of the economy.

The Leading Consumer Confidence Index was 22 points lower in August than in the same month of 2021, the office reported.

Both consumer confidence indicators take values from -100 to +100. A positive value means that optimistic attitudes prevail among consumers, while a negative value indicates a prevalence of pessimistic views.

The latest consumer sentiment study was conducted between August 1 and 10.

More than 73 percent of those surveyed said their responses were impacted by "the current situation in Ukraine," Statistics Poland reported.

Inflation in Poland stood at 15.6 percent in year-on-year terms in July, hitting the highest level this century.

The Polish central bank’s Monetary Policy Council last month raised key interest rates for the 10th consecutive time in a bid to combat surging prices.


Source: PAP, stat.gov.pl