Rise in consumer prices in Poland to exceed 8 pct in December

In December, CPI will surge above 8 percent year on year, analysts of the Polish Economic Institute (PIE), an advisory body to the government, estimated on Wednesday.

PIE commented on data released by Poland’s Central Statistical Office (GUS) that put the Consumer Price Index (CPI) in November at 7.8 percent year on year.

The PIE experts explained that the CPI increase is due to "rapidly rising food prices, still high fuel prices and all-time high energy prices." In their opinion, higher prices of services will play a significant role in driving inflation in the coming quarters.

The economist are also concerned about sharp increases in the prices of industrial goods and services. They pointed out that core inflation (excluding food and energy prices – PAP) had jumped to 4.8 percent in November.

However, they noted that the core inflation should ease slightly in the coming months and should hover around 4 percent in 2022.