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In one year, the Consumer Price Index (CPI) should rise by 1.9% in August 2024, after rising by 2.3% in July, according to preliminary estimates at the end of the month. The decline in inflation should be attributed to a marked moderation in energy prices. For the full year, prices of petroleum products should fall, and electricity prices should moderate (mainly due to the base effect of the sharp increase in regulated electricity prices implemented on August 1, 2023). In contrast, service prices should accelerate in one year, especially accommodation and transport services. Prices of food, manufactured goods and tobacco should remain the same or close to the previous month.
Looking at the month, consumer prices should rise slightly in August 2024 (+0.2% in July and +0.6% thereafter). The prices of manufactured goods rose in the month, driven by a rebound in clothing and footwear prices after the end of summer promotions. Food prices should also rise, as should service prices, especially accommodation and transport services. In contrast, energy prices should fall, while tobacco prices should remain stable.
In August 2024, the Harmonized Index of Consumer Prices should increase by 2.2% year-on-year, after +2.7% in July. In one month, it should increase by 0.6%, after +0.2% last month.
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