The state-run statistics agency said its Current Consumer Confidence Index, which describes current trends in personal consumption, went down by 5.4 points in June, slipping deeper into negative territory of “minus 43.8” 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 May, according to the Central Statistical Office.
Compared with June last year, the Current Consumer Confidence Index was 29 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 3.4 points in June from May, to “minus 31.3” points, the Central Statistical Office reported on Thursday.
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 22.3 points lower in June 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 June 5 and 15.
Almost 79 percent of those surveyed said their responses were impacted by "the current situation in Ukraine," the Central Statistical Office reported.
Inflation in Poland stood at 13.9 percent in year-on-year terms in May, hitting the highest level this century.
The Polish central bank’s Monetary Policy Council this month raised key interest rates for the ninth consecutive time in a bid to combat surging prices.
(gs)
Source: PAP, stat.gov.pl