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Increase in Poland's Inflation Rate in April, Due to VAT Changes and High Fuel Prices Reflected in Figures

April 2024 inflation in Poland soars to 2.4%, over March's 2%, primarily driven by reinstated higher Value Added Tax (VAT) on food and rising global oil prices, leading to increased fuel costs.

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Increase in Poland's Inflation Rate in April, Due to VAT Changes and High Fuel Prices Reflected in Figures

Inflation Surges in Poland, Hitting 2.4% in April 2024

Poland's inflation rate has taken a nasty turn, jumping from 2% in March to a staggering 2.4% in April. This harsh increase can largely be pinned on the restoration of a higher Value Added Tax (VAT) rate on food and skyrocketing global oil prices that fueled the cost of energy across the nation.

In a statement, GUS, Central Statistical Office, admitted, "Consumer prices for goods and services increased by 2.4% year-on-year in April 2024."

Food prices proved to be an especially vexing issue, as they saw a significant rise of 1.9% over the year. Meanwhile, energy carriers dipped by 2.3%, and private transportation fuel prices fell by 1.2% year-over-year but shot up by 2.1% from March to April due to the reintroduction of the 5% VAT rate on food.

Analysts from ING Bank Śląski are wary about the future, cautioning, "The inflation low point is behind us," and anticipating that core inflation, excluding food and energy, will stabilize around 4% in the coming months.

The experts from the Polish Economic Institute believe the April inflation increase was chiefly caused by food prices due to the VAT rate revamp. And as for what's in store for the second half of the year, the forecast is bleak: higher inflation, mainly due to energy prices and services.

PKO BP and mBank analysts share the same grim outlook, predicting further inflationary hikes. As the experts from PKO BP put it, "The data indicate that the spread of the price increase over time is even stronger than we initially assumed."

So, fasten your seatbelts, folks. The rough ride doesn't seem to be ending any time soon.

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Sources:

  1. Inflation in Poland (2025) – Statista
  2. Historical Inflation Rates (2022-2023) – Statista
  3. Polish Monetary Policy Analysis - Investor.pl
  4. Poland's Partial Energy Price Liberalization Impact on Inflation - Investor.pl
  5. APRIL 2025 Inflation Report - Polish Central Bank

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  1. The surge in Poland's inflation rate has raised concerns in the financial and business sectors, with analysts at ING Bank Śląski predicting that core inflation will stabilize around 4% in the coming months.
  2. The experts from the Polish Economic Institute believe the April inflation increase was mainly due to food prices caused by the VAT rate revamp, and they forecast higher inflation for the second half of the year, primarily due to energy prices and services.
  3. PKO BP and mBank analysts share the same grim outlook, predicting further inflationary hikes, noting that the data indicate that the spread of the price increase over time is even stronger than initially assumed.
  4. GUS, Central Statistical Office, admitted that consumer prices for goods and services increased by 2.4% year-on-year in April 2024, with food prices seeing a significant rise of 1.9% over the year.
  5. Skyrocketing global oil prices and the reintroduction of a higher VAT rate on food have contributed significantly to the harsh increase in Poland's inflation rate, which jumped from 2% in March to a staggering 2.4% in April.
  6. The outlook for Poland's economy remains bleak, with experts predicting a continued rise in inflation due to energy prices and services. Businesses and individuals alike might benefit from keeping a close eye on the financial and economic outlooks.
  7. As the inflationary pressures persist, it's crucial for Polish policymakers to address these challenges and implement strategies to help stabilize the country's economy, potentially including policies aimed at reducing energy costs and managing consumer prices more effectively.
Poland's inflation rate climbs to 2.4% year-on-year in April 2024, a rise from 2% in March, as per the Central Statistical Office (GUS). The primary factors behind this rise are the restoration of a higher Value Added Tax (VAT) rate on food and the soaring global oil prices, causing an increase in fuel costs.
Poland's inflation rate soared to a 2.4% yearly growth in April 2024, as per the Central Statistical Office (GUS), marking an elevation from the 2% record in March. The major contributors to this surge are the re-implementation of a boosted Value Added Tax (VAT) on food items and a rise in global oil prices, causing a spike in fuel expenses.
Poland's inflation rate rose in April 2024, hitting 2.4% year-on-year, a jump from 2% in March. The surge is primarily linked to the resurgence of a higher VAT rate on food items and surging global oil prices, which driven up fuel expenses.

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