Polish inflation in November hits 7.7 percent

Rafał Guz/PAP

The inflation rate in Poland jumped to 7.7 percent, year on year, according to a flash estimate by the the Central Statistical Office (GUS).

Economists interviewed by PAP expected 7.4 percent in November. In October, the inflation rate in Poland reached 6.8 percent, year on year.

Shortly before GUS published its November figure, the Polish finance minister, Tadeusz Koscinski, said that his estimate for the inflation rate in November was "slightly above 7 percent."

"We estimate that inflation in Poland will peak in January-February 2022, which means that in November it will be higher than in October and will probably slightly exceed the 7-percent mark," Koscinski said on Polsat News on Tuesday.

He added that inflation in Poland is driven by "a weak zloty and expensive oil."

Koscinski was asked if the reaction of Poland's Monetary Policy Council to rising inflation had been too late. He replied that an earlier response would have only "added fuel" to the price growth.

In an amended budget act, the government assumed that the average annual inflation rate in Poland would stop at the 4.3-percent mark.