INFLATION EASES IN JULY ON THE BACK OF PETROL PRICE REDUCTIONS

Inflation eased in July after reaching double-digits in June, even as the war in Ukraine continues to compound global supply shocks.
Inflation measures the cost of living and the latest figures from the Statistics Division show the average increase in the basket of goods used to measure it, has slowed.
The Division says prices rose by an average 8.5% for the 12 month-period up to July, compared to 10.5 per cent in June.
The Division says the food index rose 10.8% over the twelve months.
The index for transport rose 19.8% in July, a reduction from the 27.6% in June 2022, a clear indication of the impact of the petrol price reduction.
The figures also show the consumer price index decreased by 1.4 per cent in July when compared to June.
This was also a result of the reduction in petrol prices in July as the transport index showed a decrease of 10.4 per cent.