Annual price growth came in slightly below market expectations, while monthly consumer inflation accelerated to a three-month high of 1.78%.
Annual inflation slowed to 31.75% in July 2026 from 32.11% in June, coming in just below market expectations of 31.8% and marking the lowest reading since March. The moderation was driven by slower price growth across several categories, including housing and utilities, transport, alcoholic beverages and tobacco, information and communication, recreation, sport and culture, education, insurance and financial services, and miscellaneous goods and services. At the same time, inflation picked up for food and non-alcoholic beverages, clothing and footwear, furniture and household goods, health, and restaurants and hotels. On a monthly basis, consumer prices rose 1.78%, up from 0.99% in June and the fastest pace in three months, although still slightly below the 1.83% expected by the market.