Inflation accelerated to 9.6% in July and reached its highest level in the year

Inflation accelerated again in the 12 months to July after a four-month period of certain stability in the rate of rise in the prices of the consumer basket.

According to data released this Wednesday by the National Institute of Statistics (INE), andhe Consumer Price Index (CPI) advanced 0.77% last month. A) Yes, annualized inflation at the end of July was 9.56%, three tenths above the moving year to June (9.29%), and reached its highest level in the year.

That monthly data was above analysts’ projections and agents that the Central Bank consults monthly in its Survey of Expectations. The median of the responses had projected a rise in prices of 0.65% for July. In the same month last year, prices had increased 0.52%.

Accumulated inflation for the January-July period reached 6.86%, more than 1 point above that registered in the same period last year (5.30%). In the moving year to July of last year, prices had increased at a rate of 7.3%.


Food rose almost 1%

The main effects on the monthly variation of the price index in July were due to: food and non-alcoholic beverages (0.26 percentage points —pp—), housing (0.07 pp), health (0.10 pp), transportation ( 0.08 pp) and restaurants and hotels (0.11 pp), according to the INE.

Food increased 0.94% in July due to rising prices of bread and cereals (2.1%), meat (1.14%) —with rises in strip roast (3.2%) and whole chicken (3.3%)—, and oils and fats (2.2%) due to increases in the prices of sunflower oil (2.37%) and lard (2.76%).

Meanwhile, fruits fell 0.82%, and legumes and vegetables 1.25%. Meanwhile, non-alcoholic beverages increased 1.27% due to an increase in table water (3.3%).

In the case of housing (+0.54%), the rise in rents (0.47%), network gas (12.43%) and firewood (2.73%) stood out. While in health (+1.27) there were increases in the prices of glasses (+3.1%), dentist (1.51%) and mobile medical emergency (4.59%).

In transportation (+0.78%), the rise in taxi fares (5.43%), suburban bus fares (7.65%) and interdepartmental fares (7.01%) stood out. In the case of airline tickets, a drop of 10.17% was recorded.

Finally, in restaurants and hotels (1.28%), there were increases in the prices of food based on meat and fish (1.13%), food based on flour (1.34%), food based on sweets (1.51%), other meals outside the home (1.44%) and hotel (3.35%).

In a context of global acceleration of inflation, the economic team established a new projection for this indicator in 2022 which stands at 8.5%almost three points above the 5.8% stipulated in the previous Surrender and the five-year Budget.

Private analysts project a rise in prices of 8.6% for the calendar year ending in December, according to the latest BCU Economic Expectations survey.

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