Inflation Expectations Up
NBP data: In December, consumers in Poland expected average inflation in the subsequent12 months to reach 4.8%
On December 30, 2011, the National Bank of Poland published the latest data on inflation expectations of individuals. The percentage of those expecting a steeper than hitherto observed price growth in the coming 12 months had increased from 28.0% in November 2011 to 31.4% in December 2011. As recently as September 2011, these respondents accounted for only 19.0% of the total. At the opposite end, the percentage of persons anticipating a weaker price growth had gone down from 14.2% to 12.0%. Also the number of those expecting prices to rise at an unchanged pace is gradually shrinking. In mid-December such an opinion was expressed by 44.6% of the respondents as compared to 47.9% recorded a month ago. The average inflation level over the coming 12 months, as expected by individuals, is running at 4.8%. This is the highest figure recorded in over three years – in October 2008 this average stood at 5.2%.
The National Bank of Poland analyses, on a regular basis, inflation expectations of enterprises, individuals, financial analysts and professional forecasters. They are one of the inputs to the monetary policy decision-making process.
See also: inflation expectations of individuals, December 2011