{"id":18784,"date":"2025-08-13T10:14:51","date_gmt":"2025-08-13T10:14:51","guid":{"rendered":"https:\/\/gsfproducts.in\/?p=18784"},"modified":"2025-08-15T04:52:21","modified_gmt":"2025-08-15T04:52:21","slug":"srednioroczna-inflacja-w-2023-roku","status":"publish","type":"post","link":"https:\/\/gsfproducts.in\/index.php\/2025\/08\/13\/srednioroczna-inflacja-w-2023-roku\/","title":{"rendered":"\u015arednioroczna inflacja w 2023 roku"},"content":{"rendered":"<p>Inflacja w czerwcu wynios\u0142a 4,1 proc. Na rynku swap\u00f3w inflacyjnych wyst\u0119puje trzymiesi\u0119czne op\u00f3\u017anienie w wyga\u015bni\u0119ciu. Obecna wycena pokazuje, \u017ce inflacja osi\u0105gnie szczyt na poziomie oko\u0142o 3,4% w maju 2026 r., a nast\u0119pnie b\u0119dzie stopniowo spada\u0107. W ostatnich miesi\u0105cach oczekiwania rynkowe uleg\u0142y zmianie &#8211; prognozy dotycz\u0105ce szczytowej inflacji zosta\u0142y przesuni\u0119te <a href=\"https:\/\/pl.traderevolution.net\/aplikacje-dla-pythona\/\">Aplikacje dla Pythona<\/a> w czasie, przy nieco ni\u017cszych poziomach szczytowych ni\u017c wcze\u015bniej przewidywano. Je\u015bli CPI b\u0119dzie wy\u017cszy ni\u017c oczekiwano, krzywa mo\u017ce przesun\u0105\u0107 si\u0119 wy\u017cej i osi\u0105gn\u0105\u0107 szczyt wcze\u015bniej. Przyk\u0142adowo \u2014 w&nbsp;kategorii \u017cywno\u015bci i&nbsp;napoj\u00f3w bezalkoholowych ceny by\u0142y wy\u017csze o&nbsp;4,9 proc.<\/p>\n<h2>Jaki jest obecnie kurs euro?<\/h2>\n<ul>\n<li>Jego efektem b\u0119dzie spowolnienie wzrostu gospodarczego, nie tylko w Stanach Zjednoczonych i strefie euro, ale \u2013 ze wzgl\u0119du na istnienie globalnych powi\u0105za\u0144 handlowych \u2013 w wi\u0119kszo\u015bci gospodarek na \u015bwiecie.<\/li>\n<li>Dodano, \u017ce szybszemu obni\u017caniu inflacji sprzyja\u0142oby umocnienie z\u0142otego.<\/li>\n<li>Przypomnieli, \u017ce lipcu dosz\u0142o do dw\u00f3ch istotnych wydarze\u0144 na rynku energii.<\/li>\n<li>Ich prognozy nie tylko wskazuj\u0105 na poziom 4,20 z\u0142, ale przewiduj\u0105\u00a0jeszcze g\u0142\u0119bsze spadki\u00a0kursu euro w perspektywie \u015brednio- i d\u0142ugoterminowej.<\/li>\n<\/ul>\n<p>Inflacja po ponad roku wr\u00f3ci\u0142a do poziom\u00f3w akceptowanych przez Narodowy Bank Polski. Eksperci NBP w\u015br\u00f3d zagro\u017ce\u0144 zewn\u0119trznych wskazuj\u0105 tak\u017ce efekty wp\u0142ywu polityki pieni\u0119\u017cnej przez EBC i&nbsp;Fed oraz rozw\u00f3j sytuacji gospodarczej w&nbsp;Chinach. Zwr\u00f3cono ponadto uwag\u0119, \u017ce szybszemu obni\u017caniu inflacji sprzyja\u0142oby umocnienie z\u0142otego, kt\u00f3re w ocenie Rady by\u0142oby sp\u00f3jne z fundamentami polskiej gospodarki.<\/p>\n<h2>Ile kosztuje 1 euro w kantorze?<\/h2>\n<p>10 dane na temat inflacji w lipcu. Z szybkiego szacunku wynika, \u017ce w poprzednim miesi\u0105cu wynios\u0142a ona 3,1 proc. W por\u00f3wnaniu z tym samym okresem w 2024 roku. Dzi\u015b dowiemy si\u0119, czy GUS potwierdzi wst\u0119pny odczyt.<\/p>\n<h2>Ceny paliw w&nbsp;d\u0142ugi weekend. Dobre wie\u015bci dla kierowc\u00f3w<\/h2>\n<ul>\n<li>Ceny towar\u00f3w i us\u0142ug konsumpcyjnych w lipcu 2025 r.<\/li>\n<li>Za\u0142o\u017cono, \u017ce wzrost PKB wyniesie 1,7 proc., a inflacja \u015brednioroczna 9,8 proc.<\/li>\n<li>Co wi\u0119cej, wed\u0142ug oczekiwa\u0144 rynkowych banki te b\u0119d\u0105 kontynuowa\u0142y cykl zacie\u015bnienia polityki pieni\u0119\u017cnej.<\/li>\n<li>S\u0105 bardziej realistyczne od wcze\u015bniejszych za\u0142o\u017ce\u0144.<\/li>\n<\/ul>\n<p>W&nbsp;uj\u0119ciu rocznym i&nbsp;na 0,1 proc. Ekonomi\u015bci ING tak\u017ce podkre\u015blaj\u0105, \u017ce czekaj\u0105 na rozstrzygni\u0119cia w&nbsp;sprawie cen energii. &#8220;Zak\u0142adamy, \u017ce pr\u0105d nie zdro\u017ceje do ko\u0144ca roku. Wtedy inflacja w&nbsp;najbli\u017cszych miesi\u0105cach blisko celu NBP i&nbsp;RPP ma miejsce na ci\u0119cia st\u00f3p. Do ko\u0144ca 2025 r. widzimy -75 pb.&#8221; &#8211;&nbsp;oceniaj\u0105. Inflacja jest wy\u017csza od pierwotnych oczekiwa\u0144 ekonomist\u00f3w. Przypomnijmy, \u017ce jeszcze pod koniec lipca \u015brednia prognoz zak\u0142ada\u0142a spadek wska\u017anika do 2,8 proc.<\/p>\n<h2>Kurs euro spada o ponad 5 groszy w 3 dni<\/h2>\n<p>Ekonomi\u015bci oczekuj\u0105, \u017ce \u015brednioroczna inflacja CPI wyniesie 3,7 proc. Prognoza centralna dotycz\u0105ca \u015bredniorocznej stopy referencyjnej, w badaniu przeprowadzonym przez Narodowy Bank Polski (NBP) w\u015br\u00f3d 23 analityk\u00f3w w grudniu 2022 r., <a href=\"https:\/\/pl.forexhistory.info\/\">Czym jest handel na rynku Forex<\/a> wynosi 6,72% na 2023 r. Prognoza centralna dotycz\u0105ca \u015bredniorocznej inflacji, w badaniu przeprowadzonym przez Narodowy Bank Polski (NBP) w\u015br\u00f3d 24 analityk\u00f3w w grudniu 2022 r. Wynosi 14,4% na 2022 r., 13,6% na 2023 r. Narodowy Bank Polski przedstawi\u0142 w pi\u0105tek rano najnowsze prognozy, sporz\u0105dzone przez swoich swoich ekonomist\u00f3w, dotycz\u0105ce dynamik inflacji i PKB w Polsce. Wygl\u0105da na to, \u017ce powr\u00f3t inflacji do celu odsun\u0105\u0142 si\u0119 w czasie.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' width=\"604px\" alt=\"prognoza inflacji 2023 nbp\" 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\"\/><\/p>\n<p>\u2013 Dezinflacja, kt\u00f3ra ju\u017c si\u0119 zacz\u0119\u0142a, b\u0119dzie kontynuowana, w IV kwartale tego roku inflacja b\u0119dzie prawdopodobnie (&#8230;) w&nbsp;\u015bcie\u017cce centralnej poni\u017cej 8&nbsp;proc. Oczywi\u015bcie inflacja bazowa b\u0119dzie bardziej powolnie zbiega\u0107, obni\u017ca\u0107 si\u0119 do celu inflacyjnego, ale wi\u0119ksza inercja inflacji bazowej to naturalny proces, bo g\u0142\u00f3wne czynniki obni\u017caj\u0105ce inflacj\u0119 teraz to ceny energii i&nbsp;ceny \u017cywno\u015bci \u2013stwierdzi\u0142. Podczas gdy&nbsp;EBC pozostaje w trybie go\u0142\u0119bim, koncentruj\u0105c si\u0119 na stymulowaniu wzrostu gospodarczego w strefie euro, NBP priorytetowo traktuje walk\u0119 z inflacj\u0105.<\/p>\n<p>Wyniesie \u015bredniorocznie 11,4 proc. (wobec 14,4 proc. w 2022 r.), w 2024 r. Spadnie do 4,6 proc., a w 2025 r. To oznacza nieco ni\u017cszy poziom w tym i przysz\u0142ym roku oraz wy\u017cszy w 2025 r. W por\u00f3wnaniu do projekcji z lipca.<\/p>\n<p>\u2014 wskazuje NBP w pi\u0105tkowej publikacji &#8220;Raport o inflacji \u2014 listopad 2023 r.&#8221;. Zad\u0142u\u017cenie kredytowe gospodarstw domowych w III kwartale br. <a href=\"https:\/\/www.dowjonesrisk.com\/brokerzy\/\">Brokerzy na rynku Forex<\/a> Rdr w II kwartale i 4,9 proc. W I kwartale br., w warunkach wy\u017cszego oprocentowania kredyt\u00f3w, ni\u017c \u015brednio w poprzednich latach &#8211; wynika z opublikowanego w pi\u0105tek raportu o inflacji NBP.<\/p>\n<h2>Wska\u017aniki makroekonomiczne<\/h2>\n<p>Zwr\u00f3ci\u0142a te\u017c uwag\u0119, \u017ce inflacja jest w znacznym stopniu importowana z zewn\u0105trz &#8211; chodzi g\u0142\u00f3wnie o ceny energii i \u017cywno\u015bci. W ustawie bud\u017cetowej na 2023 r. Za\u0142o\u017cono, \u017ce wzrost PKB wyniesie 1,7 proc., a inflacja \u015brednioroczna 9,8 proc. Jak podkre\u015bli\u0142a Rzeczkowska, sytuacja geopolityczna i obserwowane spowolnienie gospodarcze spowodowa\u0142y, \u017ce obecne prognozy wzrostu PKB na 2023 r. S\u0105 nieco mniej optymistyczne. Zastrzeg\u0142a jednak, \u017ce s\u0105 to tylko prognozy, a polska gospodarka, jej stabilno\u015b\u0107 i silne fundamenty niejednokrotnie ju\u017c pozytywnie zaskoczy\u0142y.<\/p>\n<h2>Adam Glapi\u0144ski skomentowa\u0142 dane dotycz\u0105ce inflacji. Prognozuje, co mo\u017ce nast\u0105pi\u0107<\/h2>\n<p>Bior\u0105c pod uwag\u0119 kwartalne prognozy, inflacja bazowa \u2013 podobnie jak g\u0142\u00f3wny wska\u017anik CPI \u2013 nie dotrze do punktowego celu w horyzoncie prognozy. Perspektywy jego osi\u0105gni\u0119cia wr\u0119cz pogorszy\u0142y si\u0119 w stosunku do poprzedniej projekcji. W dw\u00f3ch ostatnich kwarta\u0142ach 2025 r. Inflacja bazowa ma spa\u015b\u0107 tylko do 3,8 proc. To wy\u017csze poziomy ni\u017c w lipcowej projekcji, gdy zak\u0142adano 3,4 proc. Inflacja bazowa wed\u0142ug nowej prognozy mo\u017ce wynie\u015b\u0107 7,6 proc., za\u015b w kwarta\u0142ach I i II 2024 r.<\/p>\n<p>Nadzieje na taki wynik zosta\u0142y rozwiane dwa tygodnie temu, gdy GUS opublikowa\u0142 wst\u0119pne wyliczenia, wskazuj\u0105ce na podwy\u017cki cen na poziomie 3,1 proc. RPP powo\u0142a\u0142a si\u0119 te\u017c na prognoz\u0119 dotycz\u0105c\u0105 PKB. W 2023 roku wzrost powinien znale\u017a\u0107 si\u0119 w&nbsp;przedziale -0,1-0,6 proc. To zmiana wzgl\u0119dem lipca, kiedy to prognoza wskazywa\u0142a na przedzia\u0142 -0,2-1,3 proc.).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflacja w czerwcu wynios\u0142a 4,1 proc. Na rynku swap\u00f3w inflacyjnych wyst\u0119puje trzymiesi\u0119czne op\u00f3\u017anienie w wyga\u015bni\u0119ciu. Obecna wycena pokazuje, \u017ce inflacja osi\u0105gnie szczyt na poziomie oko\u0142o&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[170],"tags":[],"_links":{"self":[{"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/posts\/18784"}],"collection":[{"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/comments?post=18784"}],"version-history":[{"count":1,"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/posts\/18784\/revisions"}],"predecessor-version":[{"id":18785,"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/posts\/18784\/revisions\/18785"}],"wp:attachment":[{"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/media?parent=18784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/categories?post=18784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsfproducts.in\/index.php\/wp-json\/wp\/v2\/tags?post=18784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}