Inflation came in at 14.6% in August, up from 13.6% in July, moving further above the upper end of the central bank’s target range of 5.0–9.0% – where it has been for the past six months. The August result was the highest inflation since November 2018. Looking at the release details, food and non-alcoholic beverages prices rose at a faster rate in August. Transportation prices have gone up. Accordingly, the trend has been bullish, with annual inflation averaging 9.9% in August (July: 9.2%). Meanwhile, core inflation rose to 16.7% in August, from 15.6% in the previous month.
Finally, consumer prices rose 0.85% in August from the previous month, without July’s 1.33% increase.
Committee members see inflation at 13.1% in 2022, 0.1 percentage point lower than last month’s forecast, and 9.5% in 2023.