Although the inflation rate peaked in July, it is below analyst expectations. Original estimates were for inflation to reach 9.2-9.4 percent in the month of July.
The rise in inflation was fueled by higher food prices (10.4 percent year-on-year), services (9.11 percent), and non-foodstuffs (7.84 percent). However, compared to June, the prices of foods and services dropped 0.68 percent and 0.3 percent, respectively.
