Consumer prices jumped 2.37% month on month in July, down from the 4.95% increase recorded in June. The uptick came on the back of a surge in transportation, food and non-alcoholic beverages, furnishing and household equipment, and alcoholic beverages and tobacco prices.
Inflation, meanwhile, surged to a fresh series-high of 79.6% in July (June: 78.62%). July’s figure was the highest inflation rate since our current records began. Meanwhile, the trend pointed up, with annual average inflation coming in at 49.7% in July from 44.5% in June. Lastly, core inflation jumped to 61.7% in July from 57.3% in June.
FocusEconomics Consensus Forecast panelists expect inflation to average 70.8% in 2022 and 34.4% in 2023.