The prices of goods and consumer services in May 2022 increased by 13.9 per cent y/y, and compared to the previous month the prices rose by 1.7 per cent. - stated the Central Statistical Office (GUS).

According to analysts interviewed by PAP Biznes, prices in May were expected to increase by 13.8% y/y and by 1.6% m/m.

Possible peak in inflation in late autumn

The price growth is not slowing down and this is not the end of the record-high figures, according to Mariusz Zielonka of Konfederacja Lewiatan in his comment to GUS’ data. According to the expert, fuel prices may push the inflation peak from August to late autumn.

As Zielonka pointed out, „the price growth is not slowing down”.

And this is not the end of the record breaking figures

— he assessed.

He pointed out that the growth of food prices has slowed down, thanks to which the preliminary inflation rate figure is lower than the market expectations which had indicated that it would exceed 14%.

However, this does not change the fact that in the course of the year we have to pay on average 13.5 per cent more in shops.

— he added.

He remarked that in one month, the increase in the prices of food products reached 1.3 per cent.

However, when we look at the prices of basic food items the annual increases sometimes exceed 30 per cent.

— he stated.

Fuel prices

The expert underlined, that again, fuel prices have increased the most - in May we paid for petrol and diesel oil 35% more than a year ago and over 5% more than a month ago.

Once the announced agreement on the Russian oil embargo is reached within the EU, fuel prices may shift the announced inflation peak from the summer months (presumably August) to late autumn

— he assessed.

He added that Poland is on the final stage of signing new, six-month contracts for gas and energy supplies for medium and large enterprises.

This means that, just as in the case of small businesses at the beginning of the year, entrepreneurs will transfer the increased costs into prices of products and provided services

— he pointed out.

Tłum. K.J.