Consumer prices rose a seasonally adjusted 0.67% in June from the previous month, accelerating from a 0.47% rise in May. The slowdown was primarily driven by faster increases in food prices.
Inflation rose to 11.9% in June from 11.7% in May. Thus, inflation even more exceeded the Central Bank’s target of 3.5%. Consequently, the trend was upward, with average annual inflation of 10.7% in June (May: 10.4%).
FocusEconomics experts, participating in the LatinFocus consensus forecast, forecast inflation at the level of 8.4% at the end of 2022, which is 0.9 percentage points higher than last month’s forecast, and at 4.3% for 2023.