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Food price inflation in Poland at seven percent
The Polish Consumer Price Index (CPI) rose by 0.8% m/m, while annual inflation was 4.4% in May, the Central Statistical Office (GUS) announced. In April, the annual CPI index growth was 4.0% y/y.The highest growth was noted in the section “housing, water and energy carriers” (9.0% y/y) and “food and non-alcoholic beverages” (7.0%).
Discussing detailed categories, GUS pointed at that among food products (overall growth of 1.2% m/m), the highest monthly increases were noted in the prices of rice (5.6%), fruits (4.8%), vegetables (4.7%) as well as vegetable oils (1.5%).
Prices of services connected to housing were up by 1.3% on the whole, while the biggest surge was noted in natural gas prices (of 10.9%). We note that was an anticipated result of the gas tariff hike of 14.3% in late April.
In the transportation sector, prices grew by 0.9% m/m on the average, with prices of fuels for private needs rising by 2.6%.
Ten economists surveyed by the news agency ISB expected the figure at 4.36% y/y on average, with forecasts in the range of 4.3-4.5% y/y. The finance ministry saw the May figure at 4.3%.
