Consumer prices rose 0.65% in June from the previous month, accelerating from a 0.56% rise in May. Growth in June was the highest value since January. This figure was primarily driven by price pressures on food and non-alcoholic beverages, which are growing at a faster rate.
Inflation rose to 4.2% in June from 3.4% in May. The June figures marked the highest rate of inflation since July 2015. Average annual inflation rose to 2.2% in June (May: 1.8%).
Our panel projects end-2022 inflation at 8.3%, up 0.6 percentage points from last month’s forecast, and 4.5% in 2023.