The prices in the stores proceed to increase, and the pace of this increase accelerates. The latest figures show that in July 2024 prices were on average 3.9% higher than the year before. This phenomenon affects most products, but any categories peculiarly attract consumers' attention with their growth dynamics. This is what's most costly and what's the future forecast.
What's the fastest?
According to the latest price index prepared by UCE investigation and the universities of WSB Merito, published by Rzeczpospolita, any product categories have experienced crucial price increases:
- Non-alcoholic beverages: Non-alcoholic beverages prices increased by 15.6% compared to the erstwhile year. This is the biggest jump of all the categories analysed.
- Food additives: Products specified as ketchup, mustard and another food additives have increased by 11.2%. This is another section where price increases are peculiarly noticeable.
- Sweets: Candy prices increased by 9.3%. This is besides 1 of the categories that has a strong impact on consumer portfolios.
Why Prices Grow?
Price increases are influenced by many factors, and 1 of the most crucial factors is inflation, which in July 2024 amounted to 4.2% on an yearly basis. This is simply a crucial increase compared to 2.6% recorded in June. Although this consequence was somewhat lower than the projected 4.4%, it inactive poses a serious challenge for households.
The key origin affecting inflation growth is the prices of energy carriers, which straight translate into production and transport costs, and consequently prices in stores.
Future Forecasts: What Is Waiting for Us?
Experts foretell that growth trends will persist at least until the end of 2024, and inflation may exceed 5% year-on-year. The inflation summit is expected for the first 4th of 2025 erstwhile it can scope a level exceeding 6% y/y.
Professor Sławomir Jankiewicz of WSB Merito points out that even in 2025 we will proceed to observe price increases, which means that consumers must prepare for further increases.
How do Poles perceive the present situation?
According to the last survey conducted, 51.4% of Poles consider the fight against rising prices and advanced bills a precedence task for the government. This shows how crucial these issues are for the everyday lives of citizens.
What can you do to reduce spending?
In the face of rising prices, it is worth considering ways to reduce spending. You can consider buying larger quantities of products with longer validity, utilizing promotions or planning meals to avoid food waste. It is besides worth to track current offers of shops and usage applications that aid monitor prices.
Summary: What Next With Prices?
The rising prices are a phenomenon that we gotta deal with in the close future. knowing which products cost the fastest and what future prospects are can aid to better manage the home budget. Consciousness and purchasing planning become crucial to minimise the negative effects of inflation on our finances.
Read more:
Is Your buying Getting More and More expensive? Look what's grown the most!
