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Financial News: Poland Industrial Output Growth Improves; PPI Inflation Re

Poland Industrial Output Growth Improves; PPI Inflation Remains Stable

09/20/2022 - 05:36:00 (RTTNews)

(RTTNews) - Poland's industrial production growth accelerated more-than-expected in August, while producer price inflation held steady, data from Statistics Poland revealed on Tuesday.

Industrial production grew 10.9 percent annually in August, faster than the revised 7.1 percent increase in July. That was also above the 9.9 percent growth expected by economists.

Among sectors, mining quarrying output registered a double-digit growth of 22.5 percent, and output produced in the manufacturing industry was 11.1 percent higher compared to last year.

Electricity, gas, steam and air conditioning supply output and water supply grew 5.1 percent and 8.2 percent, respectively.

On a monthly basis, industrial output rebounded 0.7 percent in August, after falling sharply by 7.0 percent in July.

In a separate report, the statistical office revealed that producer price inflation remained stable at 25.5 percent in August. The expected increase was 24.5 percent.

Prices in mining and quarrying grew 30.4 percent and manufacturing prices gained 20.2 percent.

Prices for electricity, gas supply, steam and air conditioning, and water supply, sewerage and waste management prices surged by 79.2 percent and 5.1 percent, respectively.

On a month-on-month basis, producer prices rose 0.8 percent versus a 1.3 percent increase in July.

Data also showed that average gross wages and salaries in the enterprise sector increased 12.7 percent annually in August, but fell 2.9 percent from a month ago.

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