Inflation increases in June

Latest reading: Inflation came in at 4.6% in June, which was up from May’s 4.4%. As a result, inflation remained outside of the Central Bank’s 2.0–4.0% target range for the seventh consecutive month. Prices for housing and utilities rose at the fastest pace in almost two years; transport costs rebounded after having declined for two consecutive months; and price pressures for food strengthened for the second month running. Still, the trend was unchanged, with annual average inflation coming in at May's 4.2% in June. Meanwhile, core inflation fell to 4.4% in June from May’s 4.8%. Finally, consumer prices rose 0.13% in June over the previous month, a smaller increase than the 0.20% rise seen in May. June's result marked the weakest reading since March.

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