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In one year, the Consumer Price Index (CPI) should rise by 2.3% in July 2024, after rising by 2.2% in June, according to preliminary estimates at the end of the month. The slight increase in inflation is probably due to a sharp increase in energy prices, especially gas prices, but this increase is partly offset by a fall in service and food prices. On a year-on-year basis, prices of manufactured goods and tobacco should rise at the same rate as last month.
Looking at the month, consumer prices should rise slightly in July 2024 (+0.1% compared to June). Service prices should rise, thanks to seasonal increases in transport and accommodation services. Energy prices should also rise, thanks to gas prices. On the contrary, prices of manufactured goods should fall back under the influence of summer promotions. Food prices should fall slightly, while tobacco prices are expected to remain stable.
In July 2024, the Harmonized Index of Consumer Prices should increase by 2.6% year-on-year, compared to +2.5% in June. In one month, it should increase by 0.2%, the same as in the previous month.
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