The National Bureau of Statistics (NBS) reported a 17.38% YoY increase
in headline inflation for the month of July (vs. 17.75% YoY in June),
21bps below our projection of 17.57% YoY. This was mainly driven by a
slower growth in food inflation (21.03% YoY), compared to 21.83% YoY
in June. There was however an uptick in the core index (13.71% YoY),
compared to 13.09% YoY in June.
Kindly find attached the full report.
