The Consumer Price Index (CPI) rose 2.5% on a year-over-year basis in July, increasing at the slowest pace since March 2021 and down from a 2.7% gain in June 2024. Deceleration in headline inflation was broad-based, stemming from lower prices for travel tours, passenger vehicles and electricity.
On a monthly basis, the CPI rose 0.4% in July, after falling 0.1% in June. Gasoline prices increased month over month in July (+2.4%), putting upward pressure on the monthly CPI figure. On a seasonally adjusted monthly basis, the CPI rose 0.3% in July.
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