Consumer price on flat rate inflation jumped to 9.0% in August, up from 8.0% in July. The August result represents the highest inflation rate since July 1991. Looking at the release details, food and non-alcoholic beverages prices rose at a faster pace in August than in the previous month, which was not enough to offset the easing price pressures on transportation.
As a result, average annual inflation rose to 5.6% in August (July: 5.1%). Meanwhile, consumer price inflation rose to 9.8% in August, from 8.5% the previous month.
Finally, consumer prices rose at a flat rate of 1.47% from the previous month in August, in contrast to July’s decline of 0.16%. The August result posted the highest reading since March.
Members of the FocusEconomics Consensus forecast committee see CPIF inflation at 6.8% in 2022, 0.7 percentage points higher than last month’s forecast, and 3.5% in 2023.