Consumer prices rose 2.37% month-on-month in July, down from the 4.95% rise in June. The increase came in the wake of a surge in transportation, food and soft drinks, home furnishings and equipment, alcoholic beverages and tobacco prices.
Inflation, meanwhile, rose to a new all-time high of 79.6% in July (June: 78.62%). The July figure was the highest inflation rate since the start of our current records. Meanwhile, the trend has intensified, with average annual inflation standing at 49.7% in July from 44.5% in June. Finally, core inflation jumped to 61.7% in July from 57.3% in June.
FocusEconomics Consensus Forecast panel members predict that inflation will average 70.8% in 2022 and 34.4% in 2023.