The Central Statistical Office reported in its flash estimate that inflation rose to 8.6% in December 2021 from 7.8 % in November. This is the highest level of inflation since December 2000. Average prices increased by 0.9% compared to November 2021.

In December, fuel prices for private means of transport increased by 32.9% annually, energy by 14.3%, and food and non-alcoholic beverages by 8.6%. Full data on inflation in December will be released by the CSO in mid-January.

Economists estimate that the increases in electricity and gas prices, approved by the Energy Regulatory Office, will cause shifting the inflation peak from December 2021 even to mid-2022. In their opinion, inflation may reach a maximum of 9.6%. Earlier, it was believed that its highest level would appear in December 2021. The consumer price index exceeded 8% against 7.8 % in November.

Before Christmas, the excise tax on fuels was reduced, which decreased the prices of a liter of gasoline, diesel and LPG by over PLN 0.20. The impact of all elements of the anti-inflationary shield on inflation will be visible only in the first months of 2022.

The last time inflation above 8% was in December 2000 (8.5%). In November 2000, it reached 9.3% and in September 2000 – 10.3%.

Arkadiusz Słomczyński