Consumer prices rose 0.51% month-on-month in June, slowing down from the 0.84% rise recorded in May. The June result was the weakest since November 2021. The cooling of price pressures was largely due to more moderate increases in house and utility prices, as well as food and non-alcoholic beverages.
Inflation in June was 9.7% compared to 9.1% in May. The June figure marked the highest inflation rate since May 2000. Meanwhile, the trend was upward, with average annual inflation of 6.7% in June (May: 6.2%). Finally, core inflation rose to 8.4% in June from 8.0% in the previous month.
FocusEconomics Consensus Forecast experts expect inflation to reach 8.3% by the end of 2022, which is 0.6 percentage points higher than last month’s forecast. In 2023, inflation is expected to reach 4.5% by the end of the year.