The Prices and Inflation in June at the Highest Level in 25 Years

According to the report by the Central Statistical Office, Consumer inflation in June was at its highest level amounting to 15.6%. Compared to the previous month, the prices of consumer goods and services increased by 1.5 %.

“Prices of consumer goods and services according to a quick estimate, in June 2022, compared to the same month last year, increased by 15.6 % and compared to the previous month increased by 1.5 % (price index 101.5)”, the release states.

Why the Inflation is on its Highest Level:

The prices of food and non-alcoholic beverages increased by 14.1%, and energy carriers – increased by 35.3%. Fuels for private means of transport increased by 46.7%.

In monthly terms, the prices of food and non-alcoholic beverages increased by 0.7%, energy carriers increased by 3%, while fuels for private means of transport increased by 9.4%, the report also said. On an annual basis, the market consensus was 15.5 percent.

– In my opinion, inflation will increase a bit. I think the inflation is at the highest level of peak will be around 18 percent – the former Prime Minister stated in an interview with TVN24. According to him, the peak or highest level of inflation will take place after the summer holidays. – I think September – he added.

Belka also pointed to two events that will follow. The first is the inevitable economic slowdown, and the second is the slowdown in commodity prices. – The growth potential of oil and gas prices is slowly being depleted. Gas and crude oil will remain very expensive, but they will not become more expensive – believes Marek Belka.