The federal government anticipates inflation rates of around 12-13 percent for July 2024 and 11-12 percent for August 2024.
In its Monthly Economic Update & Outlook for July 2024, the finance division noted that CPI inflation nearly reached the single-digit range in June 2024. The year-on-year CPI inflation was recorded at 12.6 percent in June 2024, up from 11.8 percent in the previous month and down from 29.4 percent in June 2023. On a month-on-month basis, inflation increased by 0.5 percent in June 2024, following a 3.2 percent decrease in the previous month. The average annual inflation for FY24 fell to 23.4 percent from 29.2 percent the previous year.
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Key contributors to this inflation included Housing, Water, Electricity, Gas & Fuel (35.3 percent), Perishable food items (20.8 percent), Health (19.8 percent), and Clothing & Footwear (17.8 percent). Conversely, prices of nonperishable food items decreased by 1.8 percent.
The Sensitive Price Index (SPI) saw a 0.76 percent weekly increase for the week ending on July 18, 2024. Within the SPI, prices of 5 items declined, 17 remained stable, and 29 increased.
