Inflation in March. The result was better than expected
Inflation in Poland amounted to 1.9 percent in March. year to year – the Central Statistical Office reported on Friday in the so-called quick respect. This is the lowest level in five years – and lower than expected.
Inflation in February 2024 was 2.8 percent, year-on-year. In January it was 3.9%, so the decline in the price growth rate is permanent. The worst year in this respect was February 2023, when a price increase exceeded 18%. The increase in prices of consumer goods and services in 2023 compared to the previous year amounted to 11.4%. This year, the cumulative price increase will be single-digit, but it should be remembered that the abandonment of the zero VAT rate
What will the average annual inflation be in 2024?
On Thursday, the National Bank of Poland published the results of the March round of the Macroeconomic Survey. Its participants indicated a range between 3.5%. and 5.6 percent, with the central forecast equal to 4.3 percent. “In 2025, the average annual CPI inflation will amount to between 3% and 3%, according to experts. and 5.4 percent (range of typical scenarios), with the central forecast equal to 4.1%. – we read in the overview of the survey.
Survey participants were also asked about their expectations regarding economic growth in the coming years. “Typical scenarios of the annual growth rate of real GDP in 2024, resulting from the forecasts of experts in the Macroeconomic Survey, range between 2.3 percent. and 3.9 percent, with the central forecast equal to 3.1 percent. In 2025, GDP growth can be expected by 2.5-4.5%. (range of typical scenarios), with the central forecast equal to 3.6%. – indicated the National Bank of Poland.
