Poland’s consumer price index (CPI) is estimated to increase by 5.0 percent year-on-year in October, up slightly from 4.9 percent in September, the Central Statistical Office (GUS) announced on Thursday.
October’s inflation is at the highest level in 2024, and twice as high as Poland’s central bank’s 2.5 percent target.
“The high CPI growth rate is mainly related to the increases in energy bills, which were 11.5 percent higher than a year ago,” said Jakub Rybacki, head of the macroeconomics team at the public economic think-tank Polish Economic Institute (PIE).
He said due to decreasing fuel prices and a slower pace of growth in food prices, inflation should oscillate around 4.5 to 4.7 percent at the end of the year.
“From January, we will have another increase in energy prices, which will probably cause inflation to accelerate again,” Rybacki said.