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Inflation hits 3.8% y-o-y in January


2011-03-08

In our view, the quickening of inflation in January was not only a result of the VAT rise and the associated bout of forward buying in late 2010, but also reflects high global food and raw materials prices. We expect the CPI to firm up further in the months ahead, temporarily rising above the 4% y-o-y line. However, inflationary pressures should ease gradually in the second half of the year. We forecast that in 2011 the average annualised CPI will amount to 3.5%.



Paweł Sionko
Construction Market Analyst, PMR

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