According to the Central Statistical Office (GUS) the prices of goods and services in March 2022 were up 10.9% higher than in March 2021 and 3.2% higher than in February 2022. GUS reported those results on the basis of a quick estimate, which was published on Friday, April 1. This is the highest inflation in Poland in the last 22 years.

In March 2022, the increase in fuel prices for private means of transport compared to March 2021 was 33.5% and compared to February 2022 – 28%.

The prices of food and non-alcoholic beverages increased by 9.2% year to year and by 2.2% compared to February, as energy carriers were more expensive by 23.9% than a year ago and by 4.4% more expensive than a month ago.

According to mBank economists, a pleasant surprise is the relatively slight acceleration of core inflation to around 7%. In their opinion, from that moment on, Poles will observe lower and lower monthly dynamics of price changes (inflation acceleration should diminish).

According to the Central Statistical Office, the detailed data on the rise in the prices of individual components of the inflation basket will be known in the middle of the month.

Adrian Andrzejewski