Producer inflation in Poland – October 2021

Producer inflation in Poland increased to nearly 12 percent
Producer inflation in Poland increased to nearly 12 percent
photo: Darren Staples / / Reuters

Inflation in Poland is strong not only in the consumer but also in the producer variant. In October, the dynamics of producer prices remained above 10 percent and surprised economists.

According to the Central Statistical Office (GUS) today, in October 2021 the dynamics of industrial output prices (the so-called PPI inflation, as opposed to consumer CPI inflation) amounted to 11.8%. against 10.2 percent in September. The result announced today is clearly higher than analysts’ expectations (10.8%).

In monthly terms, producer inflation amounted to 1.8% in October. against 0.7 percent a month earlier.

– Prices were higher than last year in all sections of the industry. The highest increase in prices was recorded in the mining and quarrying section – by 23.2%, including the mining of metal ores – by 36.7%, and in the extraction of hard coal and lignite – by 15.4%. Prices in the industrial processing section increased by 11.9%, with multidirectional price movements in individual sections. The prices of the production of coke and refined petroleum products increased the most (by 86.3%), calculates the Central Statistical Office.

As it was added, the prices of production were also higher than in the previous year, including: metals (by 40.9%), products made of wood, cork, straw and wicker (by 18.9%), chemicals and chemical products ( by 17.4%), paper and paper products (by 11.8%), metal products (by 10.7%), rubber and plastic products (by 9.6%), articles food (by 7.6%), furniture (by 6.2%), computers, electronic and optical products (by 5.4%), products made of other non-metallic mineral raw materials (by 5.2%), appliances electricity (by 3.6%), textiles (by 2.9%), beverages (by 2.7%), other transport equipment (by 2.6%), leather and leather goods (by 2 2%), pharmaceuticals (by 1.0%), motor vehicles, trailers and semi-trailers (by 0.3%).

The categories where price cuts were recorded were like medicine. We are talking about the prices of production of machinery and equipment (by 0.1%), tobacco products (by 1.9%), clothing (by 2.2%), as well as printing and reproduction of recorded information carriers (by 2.5%). ).

We will have to wait for the next batch of inflation data (in the CPI variant) until November 30, when the CSO will present a preliminary estimate of the price growth rate in the past month. Let us recall that the final reading of consumer inflation for October showed 6.8%.

High producer inflation is not only the domain of Poland. On Friday, data appeared in Germany showing the annual PPI dynamics at the level of 18.4%. against expected 16.2 percent. This is the highest result since 1951. In turn, in the Czech Republic, producer inflation in October amounted to 11.6%, and in the United Kingdom to 8%.

Inflationary signals from the industry will probably also appear in tomorrow’s flash PMI readings for the world’s major economies.

Source:

About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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