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17 Mar, 2023 05:40

Polish inflation highest since mid-1990s

Soaring food and housing-related costs have piled pressure on cash-strapped families
Polish inflation highest since mid-1990s

Annual inflation in Poland accelerated in February to the highest level since 1996, data released by the national statistics service GUS showed on Wednesday.

Consumer prices rose 18.4% year-on-year in February, up from the 16.6% recorded in the previous month.

Economists are predicting that the latest surge will mark the peak of the current cycle, but Polish consumers say they are struggling to pay household bills and buy basic groceries, with price growth at its steepest in more than a quarter of a century.

The figures show that the February reading surpassed the previous high of 17.9% recorded in October 2022, with food prices, transport and energy costs rising fastest last month.

Prices of food and non-alcoholic beverages saw the most significant annual increase in February of up to 27%, compared to 26.6% in January. Housing-related rates jumped 22.7% while the cost of heating fuel, water and central heating increased, the report said.

The Polish economy slowed in 2022 amid soaring inflation and a plunge in consumer spending brought on by the conflict in neighboring Ukraine and the impact of sanctions on Russia.

For more stories on economy & finance visit RT's business section

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