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Inflation in Poland in January 2023. The Central Statistical Office published the latest data

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Inflation in Poland in January amounted to 17.2 percent on an annual basis, the Central Statistical Office announced in a Wednesday communiqué. Analysts had expected a 17.6 percent increase in prices.

The last reading, from December 2022, spoke about inflation at 16.6 percent year-on-year.

Compared to the previous month, the prices of goods and services increased by 2.4 percent.

In case of food and non-alcoholic beverages the increase was:

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1.9 percent month to month

Alcoholic beverages and tobacco products increased by:

1.2 percent month to month

The introductory price and service index also shows increase in housing prices:

6 percent month to month

including energy carriers:

10.4 percent month to month

For categories transport we had to deal with changes:

-0.5 percent month to month

Including private fuel transport:

0 percent month to month

“The peak of inflation has clearly flattened”

Analysts from the mBank Research team noted that “the protective measures resulted in an increase in energy carriers – despite VAT increases – by only 10% m/m”. And although they expect an increase after the revision of the preliminary data, they state that “the peak of inflation has clearly flattened.”

Of course, PKO Research analysts also point out that this is a preliminary reading, and the final reading for January may be higher (we will know it in March). At the same time, they add that we are responsible for the increase in inflation “mainly due to the increase in wages energy prices“.

Analysts of the Polish Economic Institute note that the increase in inflation in January “is mainly the result of the return of standard VAT rates on electricity, gas and heating”. They also stated that “an additional large group of enterprises made New Year’s price list updates – as a result, core inflation increased to 12 percent.”

Main photo source: Eurosport

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