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Inflation quickens to 4.3% y-o-y in June


2012-07-13



The consumer price index (CPI) amounted to 4.3% y-o-y in June, a sharp acceleration compared with the previous month, the Central Statistical Office (GUS) reported. The figure is higher than market expectations, which averaged 4.1% y-o-y.

The highest price increase in the 12 months to June was noted in transport, a category that includes car fuel (up by 8.2% y-o-y), followed by housing and energy (up by 6.5% y-o-y). Above-average price growth was also noted in food and non-alcoholic beverages (up by 5.4% y-o-y) and in education (up by 4.9% y-o-y). The prices of alcoholic beverages and tobacco products went up by 4.1% y-o-y. Price growth in the category of “health” amounted to 3.6% y-o-y, communication charges grew by 3.3% y-o-y while prices in the hotels and restaurants sector rose by 2.9% y-o-y. In recreation and culture prices edged up by 0.9% y-o-y. The only category to register a decline in prices in June was clothing and footwear (down by 5% y-o-y).

On a month-on-month basis the CPI was 0.2%.

In January-June consumer prices rose by 4% y-o-y. We forecast that in 2012 as a whole the average annualised CPI will amount to 3.9%.

Consumer price index in Poland (%, y-o-y), June 2011-June 2012



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