CPI Monitor: Boost from utility tariffs

Macroeconomics

Consumer inflation increased to 0.66% WoW over the June 25 – July 1 period from 0.22% WoW the previous week amid the scheduled indexation of utility tariffs and ongoing growth in prices for tourism and transportation. Stable CPI components have also remained heightened for the last couple of weeks. Operating estimates of consumer activity continue to indicate a gradual slowdown, albeit from a very high level. An increase of the average retail deposit rate to 16% has recently accelerated the flow of household savings to banks.