Inflation, measured by the consumer price index (CPI), rose by 1.8% compared with the same month last year, according to the High Commission for Planning (HCP).
This rise was mainly due to a 1.7% increase in food prices and a 1.9% increase in non-food products’ prices, HCP pointed out in a report released on Monday.
Compared to May 2024, inflation inched by 0.4% last June due to a 0.5% increase in the prices of food products and a 0.3% increase in non-food products.
The increase in the prices of food products observed between May and June 2024 mainly concerned “Fruits” with a rise of 4.5%, “Meats” (2.2%), “Coffee, tea and cocoa” (0.6%), “Fish and seafood” (0.5%) and “Sugar, jam, honey, chocolate and confectionery” (0.2%).
HCP forecasts inflation to remain relatively stable in the third quarter of 2024. Overall inflation is expected to reach around +0.8%, with core inflation at +2.1%, thanks to reduced inflationary pressures in the food and non-energy goods sectors.
HCP also forecasts a 3.2-percent growth in the third quarter of 2024, slightly up from the second quarter’s 2.9%.