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Inflation in Poland – March 2023. Anna Gołębicka comments on TVN24

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We have nothing to be happy about with inflation. It’s really not good and we’re getting poorer every month, said economist Anna Gołębicka from the Adam Smith Centre. According to the Central Statistical Office (GUS), inflation in March 2023 amounted to 16.2 percent year-on-year and 1.1 percent month-on-month.

According to the economist, analyzing inflation, we refer to the previous year. – Last year in February we had the lowest inflation at 8.5 percent. In (March) we bounce back from higher inflation, because March (2022) was the month when this inflation started to accelerate – we had 11 percent. Now we have 16.2 percent. In February (2023) we had 18.4 percent. It is so that month to month we have an increase of 1.1 percent, which means that the forecasts of the NBP (National Bank of Poland – ed.) are such forecasts (…) a bit April Fool’s, so it does not appear that this inflation is slowing down – said Gołębicka.

Inflation in Poland and in the world – this is how prices grow

She added that “all experts on the Polish market assumed that (inflation) would be lower and this month it was 15 ahead, not 16.” – The subject of our Polish inflation is not good. It is good for the world, because Spain announced that inflation fell from 6 to 3.3 percent. Inflation fell slightly in the European Union countries. Germany already has 5.6 percent. We have nothing to be happy about with this inflation. It’s really not good and we’re getting poorer month by month, she noted.

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According to the economist, “there are no indications, there are no external factors in the world that would indicate that inflation is to increase”.

– We have already tamed everything that was inflationary last year. We had cost-demand inflation. In terms of this demand, we see that consumption has decreased and demand has decreased. In terms of costs, food prices on world markets have returned to pre-explosion levels war in Ukraine. Fuel prices are also falling. On the other hand, the fact that you see inflation at a high level in the core indicators, it turns out that this inflation has simply spilled out – said Gołębicka.

She explained that “cutting down inflation is not a popular situation for society” and “we have an election year”. – If we correlate interest rates in the world, for example in the United States, versus inflation, they are at a much higher level than in Poland. We have very delicate interest rates. Theoretically, there are no big factors that say that inflation will accelerate. An election year means that it will not actually expire. Perhaps the rulers will add fuel to this inflation, not put it out, she said.

She added that “inflation is like a neighbor who burns garbage.” – There is a bit of an unpleasant smell from the side, but after many years of such a situation, we are sick, we go to the doctor, we have to be treated. (…) There is much less left in the wallet, there is nothing to buy for, and those who have had contact are in the worst situation – explained the economist.

– The good news is that entrepreneurs are announcing that they will no longer raise prices. First of all, because we, the recipients, no longer have the money to buy these more expensive products. Another increase would make us move to a different product or we would not buy this product at all – said Gołębicka.

Economist on inflation in Poland and in the worldTVN24

Inflation – data for March 2023

According to data from the Central Statistical Office in March 2023 price growth was 16.2 percent year-on-year. Compared to the previous month, inflation was 1.1 percent. In February, the increase in the prices of goods and services was 18.4 percent on an annualized basis, which was the highest level since December 1996.

According to the preliminary data of the Central Statistical Office published on Friday, in March this year Over the year, the prices of food and non-alcoholic beverages increased by 16.2 percent. Energy carriers and fuels for private means of transport increased by 26% and 26%, respectively. and 0.2 percent

On a monthly basis, the prices of food and non-alcoholic beverages increased by 2.3%. On the other hand, energy prices fell by 0.6%. compared to Feb fuel prices to private means of transport went down by 1.8 percent. month to month.

PAP

On April 14, the Central Statistical Office will publish final data on inflation in March.

Main photo source: Shutterstock



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