Poland Industrial Output Falls Further; Producer Price Inflation Eases

(RTTNews) - Poland's industrial production declined for the fifth straight month in June, while producer price inflation eased to the lowest level in two-and-a-half years, separate reports from Statistics Poland revealed on Thursday.

Industrial production dropped 1.4 percent year-over-year in June, slower than the 2.8 percent decrease in May. That was also below the 1.6 percent fall economists had forecast.

Among sectors, mining and quarrying output contracted 13.1 percent annually in June, and that of electricity, gas, steam, and air conditioning supply dropped 6.6 percent. Data showed that manufacturing production fell by 0.7 percent.

On a monthly basis, industrial output advanced 1.2 percent in June versus 4.8 percent growth in May.

In a separate report, the statistical office revealed that producer price inflation moderated to 0.5 percent in June from 2.8 percent in the previous month.

Further, this was the slowest inflation rate since December 2020, when prices had risen only 0.1 percent.

On a month-on-month basis, producer prices were down 0.7 percent at the end of the second quarter.

Separate data revealed that average gross wages and salaries in the enterprise sector grew 11.9 percent annually in June, versus an expected hike of 12.1 percent.

The average wage in the enterprise sector increased by 0.2 percent annually, slower than the 0.4 percent increase economists had forecast.