The prices of consumer goods and services in August 2024 compared to the same month of the previous year increased by 4.3% (with an increase in the prices of services – 6.2% and of goods – 3.6%). Compared to the previous month, the prices of goods and services increased by 0.1% (including services – 0.6%, with a decrease in the prices of goods – 0.1%).
Inflation in August 2024
As we read in the announcement from the Central Statistical Service, in August, compared to the previous month, the biggest impact on the price index for consumer goods and services in general was the increase in housing prices by 0.3% and leisure and culture by 0.5%. and restaurants and hotels – by 0.4 percent, which raised the indicator by 0.08 pp, 0.03 pp and 0.02 pp, respectively
“Lower prices, including: clothing and footwear (1.3%), food (0.1%) and transport (0.2%). reduced the index by 0.05 pp, 0.03 pp and 0.02 pp, respectively, compared to the same month of the previous year, an increase in housing prices (by 7.5%), food (by 4.0%) and restaurants and hotels (by 7.5%). increased this indicator by 1.90 pp, 1.00 pp and 0.42 pp, respectively. Lower prices in transport and clothing and footwear (1.4% each) reduced the indicator by 0.13 pp and 0.05 pp”, reads the statement from the Central Statistics Service.
Economists’ commentary
Economists from ING Economics Poland write on the X website that “What is worrying is the persistence of service prices above 6%. year after year and there is no downward trend in this area. The topic of rate cuts will be considered by the Monetary Policy Council only in 2025.
However, according to the Polish Economic Institute, inflation will rise by more than 4.5% in September.
“The unfreezing of energy prices and the increase in service prices will continue to push up the price index. In August, services increased by an average of 6.2%. In the case of industrial goods prices, changes will be quite moderate. The trends visible in Poland are expected to be similar to those in other EU countries”, reads the entry for profile X.
According to the PIE, inflation will still be around 4.5% at the end of the year. The PPI figures indicate that production costs are no longer falling in most EU countries, which will contribute to an increase in the prices of industrial goods.
