Poland: Inflation at six-month low on plunging fuel prices in May
Consumer prices fell 0.2% over the previous month in May, following April’s 0.1% dip, according to revised data released by the Poland’s Statistical Institute (GUS). Slumping prices for transport as well as lower prices for clothing and footwear more than offset higher prices for health and food and non-alcoholic beverages. Core consumer prices in April (the latest month for which data is available) spiked 0.8% in month-on-month terms, up from March’s 0.5% jump.
Inflation fell from 3.4% in April to 2.9% in May, and thus moved further below the upper bound of the Central Bank’s target range of 2.5% plus or minus 1.0 percentage point. For its part, core inflation came in at 3.6% in April for the third consecutive month, which represents the highest print since April 2002.
All told, annual average inflation inched up from April’s 3.2% to 3.3% in May, the highest reading since February 2013.