Telecom services have not escaped inflation
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Prices for telecommunications services have gone up with a 4.8 percent year-on-year increase in August, according to the Central Statistical Office (GUS). Compared to July 2021, prices rose by 0.9%. However, reductions can be seen in telecoms equipment, which was 6.7% cheaper in August than last year.
Nearly 5% increase in prices of telecommunication services
Rising inflation has been a phenomenon recently observed both in Poland and in the world, and on an annual basis, the level of inflation is the highest in 20 years. According to the Central Statistical Office (GUS), prices of consumer goods and services recorded an increase of 5.5% in August 2021 compared to 2020, with a 6.6% increase in services prices and a 5.1% increase in goods prices. On a monthly basis, prices went up by 0.3%. Services prices increased by 0.6% and goods prices by 0.2%.
Prices for telecommunications services have not escaped inflation, with a 4.8% increase compared to August 2020, according to GUS. The opposite is true for telecommunications equipment, which was 6.7% cheaper in August 2021 compared to last year. Commodity prices fell by 0.5% compared to July 2021.
High inflation not only in Poland
Inflation has also affected other areas, including the food and fuel markets. Food prices in August 2021 were around 3.9% higher than in 2020. A bigger jump of 6.6% was recorded in the prices of energy carriers, and the prices of fuels for individual transport increased by 28%. As pointed out by the Polish Economic Institute (PIE), it should be remembered that price increases are also occurring in other countries, such as Germany, where HICP inflation reached 3.4%. In the eurozone alone, inflation reached 3%. According to PIE, price increases will gradually slow down in the coming months, as is currently the case in the US.
Price increases in Poland affect a much wider range of goods and services than in Western European countries, and inflation is also significantly higher here. The prices of 47% of products in the HICP basket, which refers to the harmonised index of consumer prices, increased by more than 3.5%, and in the case of 59% the rate exceeded 2.5%. In the euro area, only 18% of products increased by 3.5%, and a rise of 2.5% was recorded for 32% of products.