Food and services are more expensive, transport is cheaper. There are the latest inflation data

The Central Statistical Office reported that in October 2024, the prices of consumer goods and services increased by 5% on an annual basis, and compared to September, an increase of 0.3% was recorded. These data are consistent with the previous flash estimate of the Central Statistical Office, which means that inflation trends have stabilized in recent months.

The impact of individual categories on inflation

The price increase in October was largely the result of increases in several key categories. The greatest impact on the overall indicator had:

• Food – an increase of 0.7% compared to September, which increased the inflation rate by 0.18 percentage points.
• Clothing and footwear – prices in this category increased by 3.4%, which added 0.13 percentage points.
• Apartments – a price increase of 0.2% contributed to an increase in the indicator by 0.06 percentage points.

On the other hand, price cuts in some categories had the opposite effect, reducing inflationary pressures. This concerned mainly:

• Transport – price drop by 1.4%, which reduced the inflation rate by 0.12 percentage points.
• Recreation and culture – prices in this category decreased by 0.5%, which reduced the indicator by 0.03 percentage points.

Financial and telecommunications services

The Central Statistical Office also announced an increase in the prices of services provided by banks and other financial institutions. The increase was 7.1% year-on-year and 0.4% month-on-month, indicating rising financial servicing costs. In turn, prices of telecommunications services increased by 1.8% year-on-year, but remained at the same level compared to September. Telecommunications equipment has become significantly cheaper – by 12.9% year-on-year and by 0.4% month-on-month.

The October inflation reading confirms that price pressure in the Polish economy still exists, but has various sources. Price increases for food, clothing, footwear and financial services are partially offset by declines in transport and recreation. These changes reflect the complexity of inflation dynamics, which are influenced by both local and global factors.