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Inflation quickens to 3.1% y-o-y in December


2011-01-14



The consumer price index (CPI) amounted to 3.1% y-o-y in December, a marked acceleration compared with the previous month, the Central Statistical Office (GUS) reported. The result was in line with market expectations.

The highest price increase in the 12 months to December was noted in transport (a category that includes car fuel), up by 6.9% y-o-y; followed by housing and energy (up by 4.5% y-o-y) and alcoholic beverages and tobacco products (up by 4.1% y-o-y). Prices of food and non-alcoholic beverages went up by 3.9% y-o-y. Increases of between 2.5-2.9% y-o-y occurred (in descending order) in hotels and restaurants, health, and education. In recreation and culture prices were up by 0.8% y-o-y. By contrast, clothing and footwear prices were down by 2.6% y-o-y, whereas communication charges slipped by 0.3% y-o-y.

On a month-on-month basis, the CPI was 0.4%.

In 2010 as a whole consumer prices rose by 2.6%. We forecast price growth to accelerate further in the coming months, and the CPI for the year to come in at 3.5% y-o-y.

Consumer price index in Poland


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