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Inflation in Poland Rises to 2.4% Year-on-Year in April, Confirming Previous Estimates

ECONOMYInflation in Poland Rises to 2.4% Year-on-Year in April, Confirming Previous Estimates

The prices of goods and consumer services in April this year increased by 2.4% compared to the same month last year, while in March the increase was 2%. Compared to the previous month, prices rose by 1.1%, reported GUS.

This was not a surprise, as earlier inflation estimates were confirmed. Intense competition in the food industry caused stores to refrain from fully returning to prices that include the 5% VAT on food, fearing the loss of customers and at the expense of their margins. Additionally, the situation in the food and currency markets helped companies decide on only partial price increases for products.

Fuel prices had a mitigating effect on inflation in April, although this factor seems to be gradually diminishing. Fuel prices at stations were still lower than a year ago, but they are approaching the levels observed in April 2023.

Despite the certainty about the need to phase out anti-inflation shields, the government has decided to maintain some measures. This may result in the average annual inflation in 2024 remaining below 5%. This is significant because exceeding this value could, under current regulations, lead to another double increase in the minimum wage in 2026.

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