Statistics Poland: inflation at level previously seen 25 years ago
Inflation in June was 15.6% year on year, according to a flash estimate published on Friday by Statistics Poland. Experts expected consumer prices increase at 15.5%. Inflation in May increased by 13.9% compared to May of 2021.
Inflation at 15.6% is at its highest since 1997, which was exactly a quarter of a century ago. 25 years ago, inflation stood at 16.6%.
According to a flash estimate released by Poland's official statistical body Statistics Poland, in June 2022, prices of non-alcoholic beverages increased by 14.1% year on year. Prices of electricity, gas and other fuels went up by 35.3%, and fuels used for personal transport - by 46.7%.
Former finance minister: gov't will have to act like a drug addict
Former finance minister Paweł Wojciechowski told TVN24 earlier on Friday that a "political spiral" was among the factors behind high inflation in Poland.
"The government supplies more money, more spending, and that drives inflation," he said.
Wojciechowski added that if "inflation in September rises to 17, 18, 19 or 20 percent, the it will be a tragedy".
"We should consider this perpective as we're in a political cycle, that is a cycle of this profligacy and austerity, which will basically force the government act like a drug addict - to keep on getting more money, increase debt and supply cash to those they want to win over before elections," the former finance minister said.
According to Eurostat, Poland's Harmonised Index of Consumer Prices (HICP) increased by 12.8% year on year, which was the sixth-highest spike in prices in the European Union. The highest inflation was reported in Estonia (20.1% yoy), Lithuania (18.5% yoy), and Latvia (16.8% yoy).
Źródło: TVN24 News in English, Statistics Poland
Źródło zdjęcia głównego: Elzbieta Krzysztof/Shutterstock