Consumer prices rose a seasonally adjusted 0.67% in July from the previous month, below the 0.89% increase in June. The July result marked the mildest price increase since February. The moderation was massive, there was a decrease in price pressure on food and non-alcoholic beverages, housing, utilities and fuel, and transport.
Inflation in July was 8.3% compared to 7.9% in June. The July figure represents the highest inflation rate since June 2017. Consequently, the trend was slightly upward, with average annual inflation of 6.4% in July (June: 6.3%).
FocusEconomics Consensus Forecast experts expect inflation to average 7.1% in 2022, up 0.1 percentage point from last month’s forecast. In 2023, the group forecasts inflation at an average of 6.5%.