Inflation came in at 17.2% in August, down from 17.5% in July. The moderation was largely driven by a slight increase in housing and utilities prices. Moreover, prices for entertainment and culture have risen at a much quieter pace.
Average annual inflation rose to 11.7% in August (July: 10.6%).
Finally, consumer prices rose 0.44% MoM in August, missing July’s 1.33% increase. The August result was the weakest reading since December 2021.
Members of the FocusEconomics Consensus forecast committee forecast inflation will hit 14.7% in 2022, which is from last month’s consensus, and 6.6% in 2023.