Poland's consumer prices surge 4.2% in July 2024

Poland's consumer prices rose by 4.2 per cent in July 2024 compared to the same month in the previous year, according to Statistics Poland. This increase was driven primarily by a 3.5 per cent rise in the prices of goods. On a month-to-month basis, consumer prices saw a 1.4 per cent increase, with goods prices rising by 1.6 per cent.

However, the clothing and footwear sector showed a different trend. Prices in this category decreased by 3.1 per cent compared to June 2024, which contributed to a 0.12 percentage point reduction in the overall consumer price index. Similarly, when compared to July 2023, clothing and footwear prices were down by 1 per cent, leading to a 0.04 percentage point decrease in the index.

Despite these sector-specific declines, the overall consumer price index in July 2024 remained above the upper band of the inflation target set by Poland's Monetary Policy Council, which is 2.5 per cent with a deviation allowance of 1 percentage point, as per Statistics Poland.

Fibre2Fashion News Desk (DP)