Majority of Polish companies plan to raise prices over coming year

Seventy-one percent of medium-sized and large companies in Poland intend to increase the prices of their products over the coming 12 months with only 5 percent planning price-cuts, according to a new report.

The report, published by the audit firm Grant Thornton, found that the net indicator, that is, the percentage of companies planning hikes minus the percentage planning cuts, was the highest in the study's 11-year history.

"In 2021, inflation pressure is clearly rising in Poland," Grant Thornton wrote in the report. "In September, the price dynamic over the year grew by 5.9 percent, which was the highest result in 20 years. Unfortunately, much indicates that this growth will accelerate. According to Grant Thornton research, 71 percent of medium and large companies in Poland intend to raise the prices of their products in the coming 12 months," the audit firm pointed out.

The report's authors also said the net indicator stood at 66 percentage points (pps) against net indicators in past research of 19-41 pps.

The firm reported that, to date, their research had correlated well with actual price increases and, if the correlation held, it might mean inflation as high as 9 percent over the coming year.

Of the 22 large economies studied worldwide, only Turkey had a higher net indicator, at 72 percent, the report added.

Grant Thornton conducted the research on 100 owners and management board members of medium and large enterprises in Poland using the telephone interview method during September and October 2021.