The Central Bureau of Statistics (BPS) released several readings earlier this week, including increases in staple food prices.  June’s Consumer Price Index (CPI) jumped to 0.62% m-m versus May’s level of 0.07%, translating to higher y-y CPI of 4.53% compared to May’s 4.45% (exhibit 1). June’s figure was higher than our estimate of 0.38% and consensus’ expectation of 0.41%.  . 

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