CPI up 13.7% y.o.y. in July
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Consumer prices were 13.7% higher on average in July 2022 than a year earlier, according to the latest data from the Central Statistical Office (KSH).
Over the past year, the prices of food and durable consumer goods have risen the most.
In one month, consumer prices increased on average by 2.3%.
The core inflation indicator, which better captures long-term processes, rose to 16.7%, meaning energy inflation rippled through the economy as a whole rather quickly.
In the first 7 months of the year, inflation was 10% on average, while food prices rose by an average of 27%.
High inflation is mainly the result of external supply shocks, such as the war, volatile energy prices, raw material shortages, while food prices have risen drastically throughout Europe.
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