Poland's inflation hits 4.2 per cent in July, highest in 2024

Warsaw, July 31 (IANS) Poland's consumer price index (CPI) rose by 4.2 percent year-on-year in July, marking the highest level in 2024, according to data published Wednesday by the Central Statistical Office (GUS).

The flash estimate of GUS indicates that prices of food and non-alcoholic beverages rose by 3.2 percent year-on-year, fuel prices for private means of transport by 1.2 percent, and energy prices by 10 percent.

Month-on-month, fuel costs remained at the same level, food prices fell by 0.5 percent, while energy prices saw a significant rise of 11.8 percent.

"As a result of a 10 percent increase in energy costs, consumer prices rose by 1.4 percent month-on-month in July. This is the strongest jump since January 2023. Inflation has accelerated from 2.6 percent in June to 4.2 percent, the highest level in 2024," said Bartosz Sawicki, an analyst at a financial company registered in Poland, Xinhua news agency reported.

ING Economics analysts also attribute the increase mainly to high energy prices. They predict that inflation will stay in the range of 4 to 5 percent year-on-year until the end of 2024 and will peak in the first quarter of 2025 at around 6 percent.

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