Consumer prices rose 0.86% in August from the previous month, down from July’s 1.09% rise. The August result was the weakest reading since January. Looking at the release details, food and non-alcoholic beverages prices grew at a slower pace while price pressures for transportation recovered.
Inflation came in at 12.1% in August, up from 11.5% in July. The August figure represents the highest inflation since March 2009. Meanwhile, the trend is up, with annual average inflation averaging 6.3% in August (July: 5.4%).
Committee members expect inflation to end in 2022 at 9.5%, 2.1 percentage points higher than last month’s forecast, and 2023 at 4.7%.