Consumer prices rose 1.20% mom in June, below the 1.60% rise in May. June’s result was the weakest since February. The cooling of price pressures was largely due to the slowdown in food and non-alcoholic beverage prices. In addition, price pressures on housing and health services increased at a more moderate pace.
Inflation in June was 13.2% compared to 12.6% in May. The June figure represents the highest inflation rate since June 2000. Meanwhile, the trend was upward, with average annual inflation of 7.8% in June (May: 6.9%). Finally, harmonized inflation rose to 12.6% in June from 11.8% in the previous month.
FocusEconomics Consensus Forecast experts expect consistent inflation to average 10.1% in 2022, up 0.6 percentage points from last month’s estimate, and 5.5% in 2023.