Consumer prices increased 2.61% (mom) in June, remarkably higher than expectations. Thus, annual consumer inflation hit 15.4%, the highest level since December 2003, up from 12.2% in May. Assuming no additional negative currency shock, we estimate the year-end inflation to be around 13.5%.
Food price latest publications
Consumer inflation recorded 0.99% (mom) in March, in line with the market expectation (1%) but higher than ours (0.75%) on the discrepancy due to surprising food inflation.Recent exchange rate depreciation, upward risks on growth and high inertia (backward and forward looking) obviously create upside risks for our year end …