“The prices of consumer goods and services increased by 6.1% compared to the same month of the previous year (price index 106.1), and by 0.1% compared to the previous month (price index 100.1) in December 2023 according to the flash estimate – we read in the statement of the Central Statistics Service.
Prices for food and non-alcoholic beverages increased by 5.9% annually, energy by 9.8%, and fuel prices for private vehicles decreased by 6%. – Given.
Monthly prices for food and non-alcoholic beverages increased by 0.2 percent, energy products by 0.3 percent, and private transport fuel decreased by 1.8 percent.
Inflation in December. Economists were surprised
The December reading positively surprised experts, who expected inflation to rise by 6.5%. annually and by 0.3 percent month to month.
“According to preliminary estimates, we have finished 2023 with 6.1% annual CPI inflation. The market was surprised (consensus 6.5%). Compared to last month, prices increased by 0.1%, core inflation decreased to 6.9-7.0 percent. y/y”, Bank Pekao economists wrote in a comment published on the X platform. According to them, inflation. In the first quarter of 2024, the NBP will be in the target range (with a deviation of 2.5% plus or minus one percentage point – editor), “but this will be a temporary stay.”
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In turn, mBank analysts emphasize that the data received from the Central Statistical Service are close to their forecast of a 6.2% increase in inflation. annually. “Core inflation has slowed to around 6.9/6.8% (rounding)” – we are reading.
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2023 data of the Central Statistics Service
According to the information of the Central Statistical Service, the total inflation in January-December 2023 amounted to 11.4%. WW. During this time, the price of food and alcoholic beverages increased by 15.1 percent, the price of energy carriers increased by 17.5 percent, and the price of fuel for private vehicles increased by 4 percent.
(tags translated) inflation