Inflation nears 8.5% after surprising significantly to the upside in May

Inflation increased to 8.47%YoY (0.74% MoM) in May, frustrating the expectations that it would moderate after having skyrocketed in the first four months of the year. Favorable seasonality, weaker domestic demand and lower administered price pressures should prevent inflation from moving further up, but it should be somewhat higher than we previously expected ahead.

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