Poland's consumer prices in January rise 1.8pct y/y
February 14, 2017
Poland's January consumer prices were up 1.8% year on year after a 0.8% y/y increase in December and versus expectations for a 1.7% y/y increase, Central Statistical Office (GUS) said in a statement.
Month on month, January consumer prices were up 0.4% vs. 0.3% increase expected.
The reading is slightly above the expectations and consensus due to a higher growth of food prices, Bank Millennium Chief Economist Grzegorz Maliszewski said.
The data confirm that the inflation jump is of an external, supply-side character. Net inflation seems to remain stable, he added.
He also said that the reading does not change expectations for the CPI growth path. “We still expect a peak around 2% at the turn of Q1 and Q2”, he said.
The data is neutral for the Monetary Policy Council, according to Maliszewski. The acceleration of inflation does not raise the council’s concerns as it is caused by supply factors.