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Poland's consumer prices surge 10.8% in July 2023

16 Aug '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • Poland's July 2023 consumer prices increased 10.8 per cent year-on-year (YoY) and dropped 0.2 per cent MoM.
  • Goods increased 10.6 per cent YoY; clothing and footwear declined 3.1 per cent.
  • The country's consumer price indices for garments were at 106.5 and footwear at 108 in July 2023.
  • The CPI has exceeded the 2.5 per cent target since April 2021.
Poland's consumer prices in July 2023 exhibited a significant increase of 10.8 per cent compared to the same month in the previous year, according to Statistics Poland. This includes a rise in the prices of goods by 10.6 per cent. On a monthly basis, however, consumer prices decreased by 0.2 per cent, with goods seeing a decrease of 0.6 per cent, and services witnessing an increase of 0.8 per cent.

Since April 2021, Poland's consumer price index has been above the upper band for deviations from the inflation target set by the Monetary Policy Council, which is pegged at 2.5 per cent plus or minus 1 percentage point.

The July 2023 data further reveals that clothing and footwear played a significant role in the consumer price index. These categories witnessed a decrease of 3.1 per cent, contributing to lowering the overall index by 0.13 percentage points. The consumer price indices for garments were at 106.5 and footwear at 108 in July 2023.

ALCHEMPro News Desk (DP)
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