Statistics Poland: CPI inflation in July at 10.8% year on year

"Consumer prices in July 2023, compared with the corresponding month of the previous year, increased by 10.8% (with an increase of prices of services – by 11.3% and goods – by 10.6%)" - Statistics Poland said in a statement on Monday.

"As related to the previous month consumer prices decreased by 0.2% (of which goods – by 0.6% and the prices of services increased – by 0.8%)" - the stats office added.

"In July of the current year, compared with the previous month, the highest contribution to the total consumer price index came from lower prices related to food (by 1.3%) and clothing and footwear (by 3.1%), which decreased the index by 0.34 pp and 0.13 pp, respectively," we read.

"Higher prices related to recreation and culture (by 1.6%), dwelling (by 0.2%), and restaurants and hotels (by 0.7%), increased the index by 0.10 pp, 0.05 pp and 0.04 pp, respectively".

"Compared with the corresponding month of the previous year, higher prices related to food (by 15.6%), dwelling (by 13.1%) and recreation and culture (by 12.1%) increased the index by 3.79 pp, 3.26 pp and 0.75 pp, respectively," Statistics Poland said.

"Lower prices related to Transport (by 8,5%) decreased the index by 0,90 pp".

According to the flash estimate Statistics Poland released in late-July, inflation in that month stood at 10.8%, and at 11.5% in June 2023.