This is not a reason to be proud, but as a country we are the leader of a certain infamous ranking. As in October, also in November, Poland recorded the highest price inflation in the entire EU. What is worse, we are increasingly leaving Hungary in this field, which is in the second position. Are we in danger of double-digit inflation?
Inflation in Poland is the highest in the EU
“The annual dynamics of the Harmonized Index of Consumer Prices (HICP) in Poland amounted to 3.7% and it was by far the highest reading in the entire EU. The second place in this infamous classification went to the Czech Republic and Hungary (2.8%), followed by Romania (1.7%) and Slovakia (1.6%) “, today informs the portal bankier.pl.
It is worth noting that it is our country and Hungary that have been at the top of the list of EU countries with the highest inflation rates for several months now. The latest Eurostat data show that in November, however, Poland increased the distance to Hungary.
“Eurostat data has shown again that the EU is strongly divided in terms of the pace of price changes. In the euro area, statistical deflation has been recorded since August as a result of falling fuel and energy prices with slight increases in the prices of other goods and services. In Central Europe, on the other hand, we are dealing with moderate or even high inflation fueled by rapidly expensive services “
– notes bankier.pl.
What is the most expensive?
According to the data, in our country in November services grew at a rate of 7.8% per year, and the so-called core inflation (ie the index excluding food, fuel and energy) was as high as 4.3%. The last time it was so bad only in 2001, when Poland was at the stage of achieving the inflation level normal for countries with a stable economy.
It is worth adding that for international comparisons Eurostat uses the HICP inflation index, which is a measure of price growth different from the most popular CPI, which in November amounted to 3.0% according to the Central Statistical Office. against 3.1 percent in October.
So are we at risk of double-digit inflation? It is difficult to judge on this issue at the moment, but the matter is starting to look dangerous. It is worth remembering that it will be very difficult for us to slow down inflation. Although the NBP claims that prices may stop growing already in 2021, so far the forecasts of the central bank have been average on average.