17:32 31 July 2024
July CPI Inflation Reading Lower Than Expected
The July consumer inflation (CPI) reading of 4.2 percent y/y was lower than the market consensus of 4.4 percent y/y, suggesting a lower inflation scenario than projected by the central bank, according to economists from Bank Pekao. They predict CPI inflation will reach 4.5 percent y/yr by the end of 2024.
The Central Statistical Office (GUS) reported that consumer inflation in July 2024 was 4.2 percent y/y, with consumer goods and services prices rising 1.4 percent from the previous month. The National Bank of Poland (NBP) projects consumer inflation to be 2.5 percent in the second quarter of 2024, 4.4 percent in the third quarter, and 5 percent in the fourth, peaking at 6.3 percent in the first quarter of 2025 before dropping to 3 percent in first quarter of 2026 and 2.5 percent by the fourth quarter of 2026.
NBP President Adam Glapiński noted that anticipated increases in electricity, natural gas, and heating prices would raise consumer inflation by 1.6 percentage points in July 2024 and 1.3 percentage points in January 2025.
(ISBnews)
