Food prices soar in Poland as costs outpace inflation predictions

After an exhaustive review of over 71,000 retail prices, researchers have revealed that despite optimistic forecasts by government officials, the situation in stores is bleak for consumers.

(Article republished from RMX.news)

Experts from UCE Research and Warsaw’s WSB Merito University have observed a worrying trend in the pricing of food products in Poland, with their latest report painting a less-than-optimistic picture.

They determined that prices in May saw a year-over-year increase of 2.9 percent, following rises of 2.4 percent in April and 2.1 percent in March.

“It’s clear that prices are consistently rising month after month, fulfilling the dark scenario predicted at the start of the year,” the experts from UCE Research warned.

In a recent June study, the largest price hikes were noted in sweets and desserts, which saw a staggering year-over-year increase of 12.9 percent, largely due to rising commodity prices for cocoa and sugar. Household chemicals followed with a 9.7 percent increase.

Non-alcoholic beverages and food additives like ketchup, mayonnaise, mustard and spices also saw significant price rises, recording increases of 6.3 percent and 5.9 percent, respectively. Bread rounded out the top five, with a 4.9 percent increase in prices.

While the government’s predicted inflation rate for the end of the year is expected to stay between 4 and 5 percent, experts anticipate the real figures in stores could significantly exceed these estimates. They also forecast continued price increases into 2025, with potential declines only expected in 2026 barring any extraordinary global economic upheavals.

Specialists also caution about above-average price hikes in food items, particularly during the vacation season, when stores might pass the entire burden of a thawed VAT tax onto consumers.

Read more at: RMX.news