18 August 2026
Headline inflation decreased from 10.7% in June 2026 to 9.4% in July but remained above the medium-term objective range of 3 – 6% and significantly higher than the 1.1% recorded in July 2025.
The decrease in inflation between June and July 2026 was mainly due to the fall in domestic fuel prices, which took effect on 7 July 2026, reducing headline inflation by 2.3 percentage points.
The reduction in domestic fuel prices led to a significant deceleration in the annual rate of price change in the Transport category.
The 16% trimmed mean inflation also decreased from 9% to 8.4%, while inflation excluding administered prices increased from 5.9% to 6.3% between June and July 2026.
Inflation for domestic tradeables increased slightly from 7.9% to 8.1% between June and July 2026, in part due to a marginal increase in the prices of some food items.
In contrast, inflation for imported tradeables decreased from 17.9% to 13.3% in the same period, mainly due to the decrease in domestic fuel prices effected on 7 July 2026. Overall, all tradeables inflation decreased from 15.2% to 11.9% between June and July 2026.
Meanwhile, inflation for non-tradeables increased from 3.9% to 5.6% in the same period, mainly due to the base effects of the reduction in electricity tariffs effected in July 2025.
Source: https://shorturl.at/quQ65
