Peak of price growth still ahead

Monitoring of nearly 40,000 stores showed that in May this year consumers experienced over 16 percent y/y price increases. The first place in the price increase ranking was occupied by fat products, which increased by 54.8 percent. Here, the record holder is oil, which became more expensive by 57.9 percent. In the lead, we can also see the so-called other products and bread – 36.9 percent and 29.9 percent. Double-digit increases were also seen in meat – 26.8 percent, dairy products – 24.1 percent, dry goods – 22.4 percent, stimulants – 13.4 percent, as well as food additives –  11.8 percent. Experts commenting on the results warn that this is not the end of the hikes, and they may reach their peak only at the turn of August and September this year. After a deeper analysis of the current data, they also note that the war in Ukraine is beginning to have a negative impact on Polish prices.

"The increase in prices of consumer goods is mainly influenced by dynamically rising electricity charges and more expensive fuels. The economic effects of the war abroad are also of key importance. In addition, such factors as the unknown level of grain production this year in Ukraine and the unregulated form of their transport are driving up prices," Dr. Hubert Gąsiński of the Warsaw School of Banking said.

(MondayNews)