19:47 31 October 2021
Inflation hits a record 6.8% in October
The price increase accelerated to a record 6.8 percent, according to the preliminary data of the Central Statistical Office (GUS). Economists have no doubts: there will be another interest rate hike in November.
Traditionally, at the end of the month, the GUS gives a signal reading of inflation, and in the middle of the next month, it shows exact statistics on how much more individual product groups, such as food, energy, transport, or services, increased.
The most expensive items will be shown in mid-November. For now, it is known that the prices of food increased by 4.9 percent, energy by 10.2 percent, and fuel by 33.9 percent. Economists believe that it will be even more expensive in the coming months.
"In November, we will probably see a level of 7 percent, and at the end of December, a level of over 7 percent. This year's inflation is likely to average 4.9 percent, and next year will exceed 5.5 percent," Monika Kurtek, an economist at Bank Pocztowy, said.
Also, the Polish Economic Institute – a government analytical center – estimates that in December the price increase will exceed 7 percent, and next year inflation will be only slightly lower.
