Inflation has slowed for the first time this year

Prices of consumer goods and services in July 2022 rose 15.5 percent y/y, and compared to the previous month, prices rose 0.4 percent, the Central Statistical Office (GUS) reported. Analysts surveyed by PAP Biznes had expected prices in July to rise 15.4 percent y/y and 0.4 percent m/m. The quick estimate shows that inflation in July was 15.5, the same as in June. 

"However, this does not mean a change in the trend, and inflation may continue to rise. The GUS’ quick estimate shows that inflation in July was the same as in June or 15.5 percent y/y. This is the first month without an increase in inflation since February. This is not a big surprise, as some analysts had predicted a decline in inflation in July. Declines in gasoline prices, among other factors, were blamed for the deceleration in inflation. However, prices of other energy carriers, including coal, rose. Food prices also rose once again in July. The current reading does not mean that we are past the peak of inflation. This one is still ahead of us, and it will peak in the first quarter of 2023 and could exceed as much as 20 percent," eToro analyst Pawel Majtkowski commented.

(Interia)