Economy
23:46 4 May 2021
Post by: WBJ

Inflation in Poland rises to its highest level in 13 months

Inflation in Poland rises to its highest level in 13 months
Marek Zuber, source: Newseria

According to the quick inflation reading of the Central Statistical Office (GUS) in April, prices soared on average to the level of 4.3 percent, so the highest since March 2020. Poland has the highest inflation in the European Union, even in March when it was still within the permissible range of fluctuations from the inflation target (amounted to 3.2 percent), it was clearly ahead of other countries. HICP, that is, harmonized inflation, which makes it possible to compare price increases in different countries, was 4.4 percent, while Hungary, second, recorded a 3.9 percent price increase.

“The increase in wages and salaries is one of the most important factors contributing to the increase in prices of goods and services in Poland for several years. This would not have to be the case if labor productivity in Poland increased significantly. It is still the fifth from the last in the European Union. On the one hand, we have huge growth in a state-of-the-art factory, e.g. in the automotive sector, but on the other side we have small and medium-sized Polish companies that have not invested or have been investing little for five years, so where will this increase in efficiency come from?” Marek Zuber, the economist, asked.

As reported by the GUS on April 30, the average monthly gross salary in the national economy in Poland in 2020 amounted to PLN 5,167.

“The increase in wages and salaries will be an important factor creating pressure on price increases in the near future, even if in 2021, after the settlement of financial shields, unemployment increases, because this increase will be temporary. In Poland, in the vast majority of industries, the problem with people working will appear again in a moment.” the expert believes.

Other factors contributing to price increases, especially in services, are more expensive electricity, additional fees, environmental pressure forcing investments in changing packaging, and pandemic money printing.

(Newseria)


eurostat
inflation
gus
marek zuber

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