Deflation slightly less than expected in August
PR dla Zagranicy
Jo Harper
15.09.2015 15:25
Deflation in August was -0.4 percent on a monthly basis and on an annual basis -0.6 percent, the Central Statistical Office (GUS) reported on Tuesday.
Photo: sxc.hu
Economists surveyed by the Polish press agency (PAP) had estimated that the prices of goods and services would decline in August by 0.7 percent on an annual basis and monthly by -0.4 percent.
GUS also said that the fall in prices of goods and services in August compared with the same month last year was 0.6 percent.
The largest impact on the consumer price index (CPI) in August was the 0.8 percent fall in food prices and the 2.4 percent fall in prices of clothing and footwear, with transportation prices down 1.1 percent.
"Price increases related to health (0.4 percent), as well as recreation and culture (0.2 percent) raised the indicator, respectively, by 0.02 percentage points,” GUS said in a statement.
The National Bank of Poland has an inflation target of 2.5 percent which it has failed to hit since late 2012. (jh/rk)