Poland Inflation Confirmed at 2.4% in March

Figures

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Poland's annual inflation rate edged up to 2.4% in April from a five-year low of 2% in March, matching preliminary estimates, final reading from the Central Statistical Office (GUS) showed.

The upward pressure mainly came from higher prices of food & non-alcoholic beverages (1.9%) after the country's government raised the VAT (value added tax) on food staples to 5% from zero.

Meanwhile, costs fell for transport (-1.6%). On a monthly basis, consumer inflation accelerated to 1.1% in April from 0.2% in the previous month.

In a separate report, the Warsaw-based statistical office showed, that Poland's gross domestic product (GDP) grew 1.9% year-on-year in the first quarter of 2024, the most since the last quarter of 2022, following a 1% increase in the previous period, preliminary data showed.

On a seasonally adjusted quarterly basis, the GDP increased by 0.4%, picking up from a downwardly revised 0.1% drop in the fourth quarter of 2023. 

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