In July 2020, the Consumer Price Index surged by 12.82% YoY, up form 12.56% recorded in June 2020. The uptick was particularly triggered by higher food prices as the food index advanced by 15.48% YoY (Vs. 15.18% in June 2020). The core sub-component of the index, however, slowed by 10.10% YoY (vs. 10.13% in June 2020). Nonetheless, we expect investors’ appetite to remain robust in the upcoming treasury bonds auction despite the steady decline in the real rate of return into negative territory.
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