PMR Online access    |   tel. +48 12 340 51 00    |   E-mail:


Inflation slows to 4.1% y-o-y in July


The consumer price index (CPI) amounted to 4.1% y-o-y in July, a slight deceleration compared with the previous month, the Central Statistical Office (GUS) reported. The result was below market expectations, which averaged 4.3% y-o-y.

The highest price increase in the 12 months to July was noted in housing and energy (up by 6.3% y-o-y), followed by transport, a category that includes car fuel (up by 6.1% y-o-y), and food and non-alcoholic beverages (up by 5.3% y-o-y). In hotels and restaurants prices went up by 4.5% y-o-y, in health by 4.3% y-o-y, in alcoholic beverages and tobacco products by 4% y-o-y, and in education by 2.7% y-o-y. Prices in recreation and culture inched up by 0.5% y-o-y. At the same time, clothing and footwear prices slipped by 0.1% y-o-y and communication charges dropped by 4% y-o-y.

On a month-on-month basis the CPI was -0.3% in July, the second negative reading in a row.

In January-July consumer prices rose by 4.2% y-o-y. In our view, although the inflationary pressure appears to be gradually moderating, the CPI is set remain above the upper end of the central bank’s target range (2.5% y-o-y +/- 1 p.p.) in the coming months. We expect a more pronounced fall in inflation to occur only in the fourth quarter. We forecast that in 2011 as a whole the average annualised CPI will be around 4%.

Browse and search in our archive »

subscribe to PMR RSS NEWS channelsSubscribe to PMR RSS NEWS channels »

Free monthly e-letter containing latest news, analyses and business information on economic situation in Poland, Russia, Bulgaria, Czech Republic, Hungary, Romania, Slovakia, Ukraine, Kazakhstan.
Relevant news

Useful links         Privacy Policy
Copyright © 2018 PMR. All rights reserved.

PMR is a British-American company providing market information, advice and services to international businesses interested in Central and Eastern Europe as well as other emerging markets. PMR key areas of operation include business publications (through PMR Publications), consultancy (through PMR Consulting) and market research (through PMR Research). With over fourteen years of experience, high international standards in projects and publications, highly skilled multilingual staff and a wide network of co-operating research companies and market experts, PMR is one of the largest companies of its type in the region.