Poland's inflation will continue to rise in September says FinMin

Rzeczkowska said that the prices of energy and commodities were the main drivers of inflation. Radek Pietruszka/PAP

Inflation in Poland is likely to continue to increase and will reach 16.4 percent year on year in September, up from 16.1 percent reported in August, the finance minister has said.

"I hope that inflation will peak this year," Magdalena Rzeczkowska told the private radio RMF FM on Saturday. "We forecast that September will see an increase in inflation to about 16.4 percent."

According to the Central Statistical Office, prices of consumer goods and services were 16.1 percent higher in August compared to the same month of 2021 as the CPI inflation reached its highest level in a quarter of a century.

Rzeczkowska said that the prices of energy and commodities were the main drivers of inflation. "It is an external source that we don't have any influence on... It is mainly the result of the war in Ukraine."

However, the National Bank of Poland (NBP) last week put the core inflation, which excludes energy and food and thus can be affected by both monetary and fiscal policies, at 9.9 percent in August.

According to Rzeczkowska, the level of inflation will start decreasing in 2023.