Consumer prices rose 0.16% over the previous month in July, which was below the 0.65% increase recorded in June. July’s result marked the weakest reading since March. The result was driven by moderating price pressures for transportation and easing price pressures for clothing and footwear.
Inflation came in at 3.9% in July, down from June’s 4.2%. Annual average inflation rose to 2.5% in July (June: 2.2%).
FocusEconomics panelists see inflation ending 2022 at 3.1%, which is up 0.3 percentage points from last month’s forecast. For 2023, they project year-end inflation at 1.7%.