Welfare indicator down in October, due to food prices growth – BIEC

The welfare indicator, which reflects the economic standing of the Polish society, has decreased in October by 0.4 points compared to the September reading, marking the first drop in six months, the Bureau for Investment and Economic Cycles (BIEC) stated. “The current drop in the Welfare Indicator is mainly the product of the substantial price increase (2.2 percent over the past year), and most importantly of the increase in food prices by over 5 percent. The growing food prices affect mostly households with the lowest incomes, where food expenditures account for a large portion of the entire spending,” BIEC said in a statement.