{"id":5764,"date":"2026-06-22T12:10:35","date_gmt":"2026-06-22T12:10:35","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=5764"},"modified":"2026-06-22T12:10:44","modified_gmt":"2026-06-22T12:10:44","slug":"polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665\/","title":{"rendered":"Poland\u2019s PPI Returns to Growth After Nearly Two Years of Deflation"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Producer prices in Poland rose by 2.4% year on year in May 2026, confirming the end of a nearly two-year period of industrial deflation. While prices remained unchanged from April on a monthly basis, the upward trend in PPI suggests that cost pressure is beginning to rebuild across the economy. Mining and manufacturing recorded the strongest increases, while lower energy prices continued to partly offset the broader rise.<\/p>\n\n\n\n<div class=\"ceo-article\">\n<style>\n.ceo-article{--ceo-navy:#1a3a6c;--ceo-navy-d:#131F49;--ceo-amber:#e67a2d;--ceo-amber-l:#f4a261;--ceo-blue:#3c6db0;--ceo-ink:#1c2433;--ceo-grey:#5b6573;--ceo-line:#e4e8ef;--ceo-bg:#f6f8fb;--ceo-green:#2e8b57;font-family:-apple-system,BlinkMacSystemFont,\"Segoe UI\",Roboto,Helvetica,Arial,sans-serif;color:var(--ceo-ink);line-height:1.66;font-size:17px;max-width:880px;margin:0 auto;padding:0 4px;}\n.ceo-article *{box-sizing:border-box;}\n.ceo-kicker{display:inline-block;font-size:12.5px;font-weight:700;letter-spacing:.14em;text-transform:uppercase;color:var(--ceo-amber);border:1px solid var(--ceo-amber);padding:5px 12px;border-radius:3px;margin-bottom:18px;}\n.ceo-h1{font-size:32px;line-height:1.2;font-weight:800;color:var(--ceo-navy-d);margin:0 0 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rgba(20,40,80,.05);}\n.ceo-kpi.up{border-top-color:var(--ceo-green);}\n.ceo-kpi.down{border-top-color:var(--ceo-amber);}\n.ceo-kpi-val{font-size:30px;font-weight:800;color:var(--ceo-navy-d);line-height:1;letter-spacing:-.02em;}\n.ceo-kpi-delta{font-size:14px;font-weight:700;margin-top:7px;}\n.ceo-kpi-delta.pos{color:var(--ceo-green);}\n.ceo-kpi-delta.neg{color:var(--ceo-amber);}\n.ceo-kpi-lbl{font-size:13px;color:var(--ceo-grey);margin-top:8px;line-height:1.35;}\n.ceo-chart-box{background:#fff;border:1px solid var(--ceo-line);border-radius:10px;padding:20px 18px 16px;margin:24px 0;box-shadow:0 1px 3px rgba(20,40,80,.05);}\n.ceo-chart-title{font-size:15px;font-weight:700;color:var(--ceo-navy-d);margin:0 0 4px;}\n.ceo-chart-sub{font-size:12.5px;color:var(--ceo-grey);margin:0 0 14px;}\n.ceo-chart-wrap{position:relative;width:100%;}\n.ceo-src{font-size:11.5px;color:var(--ceo-grey);margin-top:12px;font-style:italic;}\n.ceo-table-wrap{overflow-x:auto;margin:22px 0;border:1px solid var(--ceo-line);border-radius:10px;}\n.ceo-table{width:100%;border-collapse:collapse;font-size:14.5px;min-width:560px;}\n.ceo-table thead th{background:var(--ceo-navy-d);color:#fff;font-weight:700;text-align:right;padding:12px 14px;font-size:13px;}\n.ceo-table thead th:first-child{text-align:left;}\n.ceo-table tbody td{padding:10px 14px;text-align:right;border-bottom:1px solid var(--ceo-line);font-variant-numeric:tabular-nums;}\n.ceo-table tbody td:first-child{text-align:left;font-weight:600;color:var(--ceo-navy-d);}\n.ceo-table tbody tr:nth-child(even){background:var(--ceo-bg);}\n.ceo-table tbody tr.ceo-lead-row td{background:#fdf2e8;font-weight:700;}\n.ceo-badge{display:inline-block;min-width:54px;padding:2px 8px;border-radius:4px;font-size:12.5px;font-weight:700;color:#fff;text-align:center;}\n.ceo-b-pos{background:var(--ceo-green);}\n.ceo-b-neg{background:var(--ceo-amber);}\n.ceo-b-flat{background:var(--ceo-grey);}\n.ceo-callout{background:var(--ceo-navy-d);color:#fff;border-radius:10px;padding:22px 24px;margin:30px 0;}\n.ceo-callout p{margin:0;font-size:16.5px;line-height:1.55;}\n.ceo-callout strong{color:var(--ceo-amber-l);}\n.ceo-takeaways{background:var(--ceo-bg);border:1px solid var(--ceo-line);border-radius:10px;padding:22px 26px;margin:28px 0;}\n.ceo-takeaways h3{margin-top:0;}\n.ceo-takeaways ul{margin:0;padding-left:20px;}\n.ceo-takeaways li{margin-bottom:11px;padding-left:4px;}\n.ceo-foot{font-size:12.5px;color:var(--ceo-grey);border-top:1px solid var(--ceo-line);padding-top:16px;margin-top:36px;}\n@media(max-width:600px){.ceo-h1{font-size:26px;}.ceo-lead{font-size:17px;}.ceo-kpi-val{font-size:26px;}}\n<\/style>\n\n<span class=\"ceo-kicker\">Prices and inflation<\/span>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665\/#Producer_deflation_ends_Industrial_prices_rise_24_after_two_years_of_declines\" >Producer deflation ends. Industrial prices rise 2.4% after two years of declines<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665\/#Annual_dynamics_reverse_from_deflation_to_inflation\" >Annual dynamics reverse: from deflation to inflation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665\/#Mining_pushes_prices_higher_energy_pulls_them_lower\" >Mining pushes prices higher, energy pulls them lower<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ceo.com.pl\/en\/polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665\/#Broader_context_prices_remain_18_above_2021_levels\" >Broader context: prices remain 18% above 2021 levels<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ceo.com.pl\/en\/polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665\/#What_this_means\" >What this means<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ceo.com.pl\/en\/polands-ppi-returns-to-growth-after-nearly-two-years-of-deflation-21665\/#Key_takeaways\" >Key takeaways<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"ceo-h1\"><span class=\"ez-toc-section\" id=\"Producer_deflation_ends_Industrial_prices_rise_24_after_two_years_of_declines\"><\/span>Producer deflation ends. Industrial prices rise 2.4% after two years of declines<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p class=\"ceo-lead\">In May 2026, prices of sold industrial output were 2.4% higher than a year earlier \u2014 the third consecutive month of growth following nearly two years of producer deflation. On a monthly basis, prices remained unchanged from April, but the reversal in annual dynamics signals a return of cost pressures to the economy.<\/p>\n<p class=\"ceo-meta\">22 June 2026 \u00b7 Based on data from Statistics Poland<\/p>\n\n<div class=\"ceo-kpis\">\n  <div class=\"ceo-kpi up\">\n    <div class=\"ceo-kpi-val\">+2.4%<\/div>\n    <div class=\"ceo-kpi-delta pos\">year on year<\/div>\n    <div class=\"ceo-kpi-lbl\">producer prices of sold industrial output (PPI)<\/div>\n  <\/div>\n  <div class=\"ceo-kpi down\">\n    <div class=\"ceo-kpi-val\">0.0%<\/div>\n    <div class=\"ceo-kpi-delta neg\">month on month<\/div>\n    <div class=\"ceo-kpi-lbl\">unchanged from April 2026<\/div>\n  <\/div>\n  <div class=\"ceo-kpi up\">\n    <div class=\"ceo-kpi-val\">3 months<\/div>\n    <div class=\"ceo-kpi-delta pos\">of consecutive growth<\/div>\n    <div class=\"ceo-kpi-lbl\">positive annual dynamics since March 2026<\/div>\n  <\/div>\n  <div class=\"ceo-kpi up\">\n    <div class=\"ceo-kpi-val\">+18.2%<\/div>\n    <div class=\"ceo-kpi-delta pos\">vs 2021<\/div>\n    <div class=\"ceo-kpi-lbl\">cumulative level of producer prices<\/div>\n  <\/div>\n<\/div>\n\n<p>The producer price index (PPI) is one of the most important gauges of cost pressure in the economy. It usually precedes changes in consumer prices and directly affects corporate margins. The latest data from Statistics Poland point to a clear reversal: after uninterrupted declines since July 2023, producer prices have been rising year on year again since March 2026.<\/p>\n\n<h2><span class=\"ez-toc-section\" id=\"Annual_dynamics_reverse_from_deflation_to_inflation\"><\/span>Annual dynamics reverse: from deflation to inflation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As recently as January 2026, producer prices were 2.6% lower than a year earlier. In March, annual dynamics moved above zero, reaching 1.2%, before rising to 2.1% in April and 2.4% in May. This marks the fastest growth in producer prices since the start of the current deflationary cycle.<\/p>\n\n<div class=\"ceo-chart-box\">\n  <div class=\"ceo-chart-title\">Year-on-year change in industrial producer prices<\/div>\n  <div class=\"ceo-chart-sub\">%, last 17 months<\/div>\n  <div class=\"ceo-chart-wrap\"><canvas id=\"ceoYoyChart\" height=\"300\"><\/canvas><\/div>\n  <div class=\"ceo-src\">Source: Statistics Poland. Own calculations.<\/div>\n<\/div>\n\n<p>The turning point came in March 2026, when prices jumped by as much as 3.0% month on month \u2014 the strongest increase in the entire period presented. This one-off acceleration pushed annual dynamics into positive territory. Monthly growth then slowed: prices increased by 0.6% in April and remained unchanged in May.<\/p>\n\n<div class=\"ceo-chart-box\">\n  <div class=\"ceo-chart-title\">Month-on-month change in industrial producer prices<\/div>\n  <div class=\"ceo-chart-sub\">%, last 17 months<\/div>\n  <div class=\"ceo-chart-wrap\"><canvas id=\"ceoMomChart\" height=\"300\"><\/canvas><\/div>\n  <div class=\"ceo-src\">Source: Statistics Poland. Own calculations.<\/div>\n<\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"Mining_pushes_prices_higher_energy_pulls_them_lower\"><\/span>Mining pushes prices higher, energy pulls them lower<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>May\u2019s increase was driven primarily by mining and quarrying, where prices were 4.3% higher than a year earlier. However, the sector showed significant differences: prices in metal ore mining rose by as much as 11.5% year on year, while prices in hard coal and lignite mining fell by 3.4%. Price growth was also recorded in manufacturing, up 2.8%, and in water supply and waste management, up 1.3%.<\/p>\n\n<p>The only section still recording negative annual dynamics was electricity, gas, steam and air-conditioning supply, where prices fell by 1.6%. This is important because energy prices had been the main factor pulling the headline index down in recent months. Their continuing decline is still partly cushioning pressure from other sectors.<\/p>\n\n<div class=\"ceo-chart-box\">\n  <div class=\"ceo-chart-title\">Price changes by industrial sector<\/div>\n  <div class=\"ceo-chart-sub\">May 2026 compared with May 2025, %<\/div>\n  <div class=\"ceo-chart-wrap\"><canvas id=\"ceoSectorChart\" height=\"280\"><\/canvas><\/div>\n  <div class=\"ceo-src\">Source: Statistics Poland. Own calculations.<\/div>\n<\/div>\n\n<div class=\"ceo-table-wrap\">\n  <table class=\"ceo-table\">\n    <thead>\n      <tr>\n        <th>Section<\/th>\n        <th>May y\/y<\/th>\n        <th>May m\/m<\/th>\n        <th>Jan\u2013May y\/y<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr class=\"ceo-lead-row\"><td>TOTAL industry<\/td><td>+2.4%<\/td><td>0.0%<\/td><td>+0.2%<\/td><\/tr>\n      <tr><td>Mining and quarrying<\/td><td>+4.3%<\/td><td>+1.5%<\/td><td>+2.3%<\/td><\/tr>\n      <tr><td>Manufacturing<\/td><td>+2.8%<\/td><td>\u22120.2%<\/td><td>+0.3%<\/td><\/tr>\n      <tr><td>Water supply and waste management<\/td><td>+1.3%<\/td><td>+0.4%<\/td><td>+1.7%<\/td><\/tr>\n      <tr><td>Energy supply<\/td><td>\u22121.6%<\/td><td>+1.0%<\/td><td>\u22121.8%<\/td><\/tr>\n    <\/tbody>\n  <\/table>\n<\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"Broader_context_prices_remain_18_above_2021_levels\"><\/span>Broader context: prices remain 18% above 2021 levels<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The reversal in annual dynamics does not mean producer prices are returning to their pre-inflation shock levels. Despite the deflationary episode of 2023\u20132025, industrial prices in May 2026 remained 18.2% above the 2021 average. After temporarily declining to around 13.6% in January, the cumulative index has risen again in recent months.<\/p>\n\n<div class=\"ceo-chart-box\">\n  <div class=\"ceo-chart-title\">Cumulative change in producer prices versus 2021<\/div>\n  <div class=\"ceo-chart-sub\">%, last 17 months<\/div>\n  <div class=\"ceo-chart-wrap\"><canvas id=\"ceoCumChart\" height=\"300\"><\/canvas><\/div>\n  <div class=\"ceo-src\">Source: Statistics Poland. Own calculations.<\/div>\n<\/div>\n\n<p>This pattern \u2014 a return to positive annual dynamics while the base price level remains elevated \u2014 means cost pressure is rebuilding from an already high starting point. For industrial companies, it is a signal that the period of falling production costs that characterised the past two years is beginning to close.<\/p>\n\n<div class=\"ceo-callout\">\n  <p>Business takeaway: A positive PPI reading is an <strong>early sign that cost pressures are rebuilding<\/strong>. After two years of producer deflation that supported margins, businesses need to prepare for rising prices of raw materials and intermediate goods \u2014 with energy remaining the key exception, as it was still cheaper year on year.<\/p>\n<\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"What_this_means\"><\/span>What this means<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"ceo-takeaways\">\n  <h3><span class=\"ez-toc-section\" id=\"Key_takeaways\"><\/span>Key takeaways<span class=\"ez-toc-section-end\"><\/span><\/h3>\n  <ul>\n    <li><strong>Producer deflation has ended.<\/strong> After nearly two years of declines, industrial prices rose year on year for the third consecutive month, reaching +2.4% in May.<\/li>\n    <li><strong>March was the turning point.<\/strong> A 3.0% month-on-month jump in March pushed annual dynamics into positive territory, although the pace slowed in the following months.<\/li>\n    <li><strong>Mining is driving the increase.<\/strong> Prices in mining rose by 4.3% year on year, while metal ore mining recorded an 11.5% increase \u2014 the main inflationary factor on the producer side.<\/li>\n    <li><strong>Energy prices were still falling.<\/strong> A 1.6% annual decline in energy prices partly offset pressure from other sectors, although the scale of this effect is decreasing.<\/li>\n    <li><strong>The overall price level remains high.<\/strong> Despite the deflationary episode, producer prices are still 18.2% above their 2021 level, meaning pressure is rebuilding from an elevated base.<\/li>\n  <\/ul>\n<\/div>\n\n<p>For the wider economy, the key question will be whether the reversal in producer prices translates, with a delay, into consumer prices and further monetary-policy decisions. PPI traditionally leads CPI inflation, which makes its return to positive territory after two years of deflation a signal that managers and analysts will monitor closely in the coming months.<\/p>\n\n<p class=\"ceo-foot\">Preliminary data for May 2026; final data for April 2026. The producer price index for sold industrial output covers sections B\u2013E under NACE Rev. 2 \/ PKD 2007. Source: Statistics Poland, \u201cProducer Price Indices of Sold Industrial Output in May 2026\u201d, Prices and Services Department. 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While prices remained unchanged from April on a monthly basis, the upward trend in PPI suggests that cost pressure is beginning to rebuild across the economy. Mining and manufacturing recorded the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2817,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"\ud83d\udcc8 Poland\u2019s producer-price deflation is over. Industrial producer prices rose by 2.4% year on year in May, marking the third consecutive month of growth after nearly two years of declines.\n\nThe strongest price increases were recorded in mining and manufacturing, while energy remained the only major sector where prices were still lower than a year earlier.\n\nFor businesses, the message is clear: the period of falling production costs is ending, and pressure on margins may gradually return. Since PPI often signals future changes in consumer inflation, the next readings will be closely watched by companies, analysts and policymakers.\n\n#Poland #PPI #Inflation #Industry #Economy #Business\n","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[15,16],"tags":[64,3167,2700],"class_list":["post-5764","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","category-industries","tag-poland","tag-rebuild","tag-steam"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=5764"}],"version-history":[{"count":1,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5764\/revisions"}],"predecessor-version":[{"id":5766,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5764\/revisions\/5766"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/2817"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=5764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=5764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=5764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}