and groceries. Year-over-year consumer price inflation has steadily dropped since peaking at a four-decade high of 9.1% in June 2022.
Gasoline prices rose 3.4% from May to June, offsetting a drop in the prices of other goods, including iron and steel scrap.raised their benchmark interest rate 10 times when it meets in two weeks. But with price increases slowing steadily, the central bank could decide to hold off on what had been expected to be another rate hike in September, should inflation continue to cool.
“On the consumer side,’’ she cautioned in a research note,“ progress has been slower,” though she expects consumer prices to decelerate further this year and into 2024.
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