The federal government anticipates inflation to be between 12-13% for July 2024 and 11-12% for August 2024.
According to the Monthly Economic Update & Outlook for July 2024, the finance division reported that CPI inflation neared single-digit territory in June 2024. The Consumer Price Index (CPI) inflation was 12.6% year-over-year in June, up from 11.8% in May and down from 29.4% in June 2023.
Month-over-month, inflation rose by 0.5% in June 2024, reversing the 3.2% decline seen in the previous month. The average annual inflation decreased to 23.4% in FY24, down from 29.2% the previous year.
Key contributors to inflation included Housing, Water, Electricity, Gas & Fuel (35.3%), Perishable Food Items (20.8%), Health (19.8%), and Clothing & Footwear (17.8%). Conversely, prices for non-perishable food items fell by 1.8%.
The Sensitive Price Index (SPI) saw a 0.76% weekly increase for the week ending July 18, 2024. Within the SPI, prices for 5 items decreased, 17 remained stable, and 29 increased.
