Biznes Fakty
Inflation in Poland. Report: In March, everyday purchases went up by 6.7 percent year-on-year
The cost of staple items in the shopping basket surged by 6.7 percent in March compared to the previous year, as reported by UCE Research and WSB Merito University. The most significant price hikes were noted for fatty products, fruits, and non-alcoholic beverages, while the costs of bulk goods decreased.
In March, the average price of everyday products increased by 6.7% compared to the same month last year, according to the „Retail Price Index” report from UCE Research and WSB Merito University. The report’s authors highlighted that the price increases in March surpassed those recorded in January and February, which saw rises of 5.9% and 5.8% year-on-year, respectively.
Prices of essential goods are escalating faster than inflation
WSB Merito University experts have observed that the prices of daily essentials in stores are climbing at a rate faster than the inflation rate, which, according to the National Chamber of Commerce, stood at 4.9% in March, with the pace of price increases accelerating.
– This upward trend has persisted for quite some time. The lead-up to holidays typically boosts demand across various categories, particularly for food items. We can anticipate a further rise in prices in April, especially for products needed to prepare Easter meals, including meat, fats, oils, fruits, and vegetables – stated Dr. Justyna Rybacka from WSB Merito University.
Data collected indicates that in March of this year, 16 out of 17 analyzed categories saw price increases, while only one category experienced a slight decrease. The five categories with the most significant year-on-year price increases mirrored those of February, maintaining the same ranking.
Read more: This is how prices are rising in Poland >>>
„Ranking of expensive goods”
The top spot in the „price ranking” was again claimed by fat products (butter, margarine, oil), which saw a year-on-year increase of 16.6% (up from 16.1% in February). The price of butter rose by 27.4% year-on-year in March (compared to a 32.5% increase in February).
– Consistent with previous months, butter remains the primary driver of price increases in the fatty products category. There are no indications of a forthcoming change in this upward trend. Pre-holiday forecasts suggest that a cube of butter could cost between PLN 11 and PLN 12. Coupled with a notable decrease in promotions for this product in recent months, the outlook remains grim – remarked Dr. Artur Fiks from WSB Merito University.
Fruit secured the second position with an average increase of 13.6% year-on-year (compared to 10.7% in February). – The supplies of fruit in Polish cold storage are dwindling, and the costs of storage and transportation from abroad are notably high. Price increases may decelerate once this year’s harvest is available on the market, provided we do not encounter unfavorable weather conditions that could negatively impact the harvest – the expert noted.
The third position on the list of the most expensive items was occupied by non-alcoholic beverages, which experienced a 12.9% rise year-on-year (compared to 9.8% in February). – Beverages account for nearly one-eighth of all food purchases, underscoring the profitability of this segment. If market demand does not decline, there is little reason to limit price increases. Naturally, these hikes are partially justified by rising production costs – Fiks emphasized.
Sweets and desserts ranked fourth with an increase of 11.3 percent (up from 9.7 percent in February). – The price surge is attributable to rising cocoa costs, as well as increases in butter, milk, and a significant rise in the minimum wage. Furthermore, during the pre-holiday period, this product category sees heightened consumer interest. Increased demand may further drive price increases – Rybacka pointed out.
Fifth place was claimed by dairy products with an increase of 10.9 percent (compared to 9.4 percent in February). The report’s authors attribute the price hikes in this category to the increasing costs associated with cattle maintenance and a limited supply of milk.
Following were vegetables with an 8.6 percent rise, bread at 7.1 percent, personal hygiene items at 5.8 percent, fish at 5.8 percent, meat at 5.6 percent, cold cuts at 5.5 percent, pet food at 3.3 percent, stimulants (coffee, tea, alcohol) at 2.8 percent, children’s products at 2.5 percent, household chemicals at
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