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Faced with record inflation, Poland sets up a "shield"

2021-11-28T20:30:06.117Z

The government is taking action to mitigate the effects of the largest price hike in twenty years. Last Thursday, Polish Prime Minister Mateusz Morawiecki announced the establishment of an "anti-inflation shield" to "lessen the effects of inflation" in Poland. Annual inflation stood at 6.8% in October, according to the National Statistics Office (GUS), a figure not seen for twenty years. Added to this is a zloty - the Polish currency - historically weak against the euro. Between January and Ma



Last Thursday, Polish Prime Minister Mateusz Morawiecki announced the establishment of an "anti-inflation shield" to

"lessen the effects of inflation"

in Poland.

Annual inflation stood at 6.8% in October, according to the National Statistics Office (GUS), a figure not seen for twenty years.

Added to this is a zloty - the Polish currency - historically weak against the euro.

Between January and March, the VAT on domestic electricity will drop from 23% to 5%, while the excise will be reduced to zero.

VAT on gas will drop from 23% to 8% over the same period.

For fuels, excise duty will be reduced to 0% for five months from December 20 - the minimum level authorized in the EU - and VAT will be abolished from January 1 to May 31, 2022. To this is added a annual financial assistance for households, depending on income, ranging from 400 to 1,150 zlotys (approximately 86 to 246 euros).

Total cost of the operation?

10 billion zlotys (2.14 billion euros).

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Source: lefigaro

All news articles on 2021-11-28

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