Overview

• Monthly inflation rose to 4.6% in June, breaking a five-month decline.
• Utility bills surged as subsidies were cut, significantly affecting middle-class households.
• Fuel tax and utility price hikes were postponed to prevent further inflation spikes.
• The central bank plans to use new Treasury debt for monetary policy to achieve positive real rates.
• Economic austerity measures have deepened the recession, with recovery expected in 2025.