Inflation ticks up in June

Inflation increased to 34.2% in June, following May’s 34.0%. The acceleration was primarily driven by stronger price pressures for food, and for housing and energy. Annual average inflation rose to 30.0% in June (May: 29.1%). Meanwhile, core inflation ticked up to 26.5% in June from the previous month's 26.4%. Finally, consumer prices increased 2.31% over the previous month in June, picking up from May's 2.14% increase.

Analysts at the EIU commented on the outlook: “Inflation is likely to be higher for longer than we had projected, particularly as we remain of the view that the fiscal-monetary policy mix will lack coherence. Base effects should bring the rate of inflation down in the second half of 2024, but we will revise up our forecast for the rate for end-2024.

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