Inflation came in at 4.6% in July, which was up from June’s 4.2% and moved further above the Central Bank’s 2.0–4.0% target range. July’s reading was the highest inflation rate since November 2023. Looking at the details of the release, transportation prices rose at a quicker pace in July compared to the previous month, while price pressures for housing, utilities and fuel also picked up pace—the latter was due to the re-rating of electricity tariffs.
The trend pointed down mildly, with annual average inflation coming in at 4.4% in July (June: 4.6%). Meanwhile, core inflation rose to 3.3% in July from June’s 2.9%.
Finally, consumer prices increased 0.74% from the previous month in July, swinging from the 0.10% drop seen in June. July’s figure marked the highest reading since March 2023 and was above market expectations.
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