Harmonized inflation falls to over one-year low in July

Latest reading: Harmonized inflation dropped to 2.6% in July, edging down from June’s 2.9%. July's reading marked the weakest inflation rate since January 2024. The decline was broad-based, with reduced price pressures recorded for food and non-alcoholic beverages, recreation, transportation, and housing and utilities. Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 3.8% in July (June: 4.1%). Meanwhile, consumer price inflation edged down to 1.9% in July from June’s 2.1%. Finally, harmonized consumer prices dropped 0.85% from the previous month in July, contrasting the 0.48% increase seen in June. July's result marked the weakest reading since April 2023.

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