Headline inflation decreased from 3 percent in May to 2.8 percent in June 2024, breaching the lower bound of the medium-term objective range of 3 – 6 percent, and was lower than the 4.6 percent in June 2023. The decrease in inflation between May and June 2024 mainly reflects the deceleration in the rate of price change for some categories of goods and services, including transport, on account of a deceleration in annual price changes of motor vehicles, while for others, the rate of price change remained unchanged. Inflation for domestic tradeables was constant at 3.4 percent between May and June 2024. On the other hand, imported tradeables inflation decreased from 3.2 percent to 2.9 percent in the same period, mainly due to the deceleration in the annual rate of price change for vehicles. Consequently, all tradeables inflation fell from 3.3 percent to 3 percent between May and June 2024. Meanwhile, inflation for non-tradeables was unchanged at 2.6 percent in the same period.
Similarly, the 16 percent trimmed mean inflation and inflation excluding administered prices fell from 2.8 percent and 3 percent to 2.6 percent and 2.7 percent, respectively, during the same period.