Year-on-year (YoY) inflation in July 2024 was reported at 2,13% or lower compared to annual inflation in July 2023 which reached 3,08%. Furthermore, this month's inflation value is also lower than the previous month, June 2024, which was 2,51%.
The decline in YoY inflation in July 2024 compared to June 2024 was driven by a decline in several sectors, namely the foodstuffs sector; food, beverage and tobacco sectors; restaurant food and beverage supply sector, transportation sector. Even though the foodstuffs sector and the food, beverage and tobacco sector experienced the highest YoY inflation declines this month—of -1,86 percentage points and -1,28 percentage points—they were still the sectors with the highest YoY inflation values of 3,25 % and 3,66%. This value is lower than in June 2024 of 5,11% for foodstuffs and 4,85% for food, beverages and tobacco. In addition, the information, communications and financial services sector is still a sector experiencing deflation since the beginning of 2024, and this month it is at
figure of -0,16%.
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