Overview

• Headline inflation climbed to 2.7 percent year-on-year in July, up from 2.3 percent in June and marking its largest monthly acceleration since February.
• Base-effect comparisons with a sharp drop in electricity costs last July were the primary driver of the headline increase.
• Fuel prices also edged higher, contributing to the overall rise in the consumer price index.
• Core inflation remained unchanged at 2.3 percent year-on-year, reflecting persistent non-energy price pressures.
• The Economy Ministry said the inflation trajectory aligns with strong economic growth, record job creation and rising wages, and Funcas raised its 2025 headline forecast to 2.6 percent.