14 Sep 2023


Consensus expected a reacceleration of Headline inflation (+0.6% MoM after +0.2% in July) and a stabilisation of “core” inflation (+0.2% MoM after +0.16% in July). Key actual numbers are the following: ON A SEQUENTIAL BASIS (MoM) Headline inflation numbers are in-line with expectations (+0.6%). That is the biggest MoM since June 2022 and the second straight monthly increase in CPI...The energy index rose 5.6% in August after increasing 0.1% in July. There was a big turn-around in airline fares. They rose 4.9% after dropping 8.1% in each of the previous two months. But the gasoline index dominated with an increase of 10.6 percent in August, following a 0.2% increase in the previous month.


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