Poland: Inflation at near seven-year high in July
Consumer prices were unchanged over the previous month in July, following June’s 0.3% month-on-month increase, according to data released by the Poland’s Statistical Institute (GUS). The reading largely reflected higher prices for dwellings, and recreation and culture offsetting lower prices for clothing and footwear. Core consumer prices in June (the latest month for which data is available) rebounded 0.4% in month-on-month terms, contrasting May’s 0.3% drop.
Inflation edged up to 2.9% in July from 2.6% in June, marking the highest reading since October 2012 and moving further above the midpoint of the Central Bank’s target range of 2.5% plus or minus 1.0 percentage point. The acceleration was due to faster price rises for food and non-alcoholic beverages. For its part, core inflation in June rose to 1.9% from May’s 1.7%, also the highest reading since October 2012.
All told, annual average inflation inched up from June’s 1.7% to 1.8%