Monthly Inflation Note, July 2026

Monthly Inflation Note. The document runs to 10 pages. Headline inflation slowed to 0.9 percent over the month in July 2026, against 1.0 percent in June, and to 17.5 percent year on year, 1.4 points below the previous month. Core inflation moved the other way over the month, quickening by 40 basis points to 1.5 percent and running above headline, while easing year on year to 16.7 percent against 17.3 percent in June. The monthly slowdown is attributed mainly to transport prices, whose index contracted 9.2 percent after a 0.4 percent decline in June. Food and non-alcoholic beverages, housing and utilities, and transport are 71.74 percent of the basket and account for 78.99 percent of annual inflation. Over the first ten months of fiscal 2025-2026 cumulative monthly inflation reached 12.4 percent, against 24.2 percent in the same period a year earlier.