Poland's Inflation Rate Hits 3.0% as Fuel Prices Soar

Poland's annual inflation rate reached 3.0% in July, according to Statistics Poland's (GUS) preliminary estimate.

This reading was in line with market expectations and follows a rise from 2.5% in June.

The increase in fuel prices drove the pickup, climbing 15.8% annually due to the expiration of the Lower Fuel Prices program and renewed tensions in the Middle East.

Brent crude prices briefly approached $100 per barrel during July, but that's not the whole story.

Food and non-alcoholic beverage prices declined by 0.4% annually, a sharp drop from 0.2% inflation in June.