Inflation accelerates in April from the prior month

Latest reading: Consumer prices rose 3.2% on a year-on-year basis in April, following a 2.9% increase in the previous month. Driven mainly by rising fuel cost pressures, this uptick pushed inflation back into the Central Bank’s 3.0–6.0% target range after falling below that threshold in March for the first time in 33 months. Relative to the previous month's data, there were higher price pressures for housing (+4.5% on a year-on-year basis vs +4.0% in March) and transportation (+1.0% vs -2.2% in March). In contrast, there were reduced price pressures for food and non-alcoholic beverages (+1.6% vs +2.4% in March) and clothing and footwear (-4.7% vs -4.3% in March). Lastly, consumer prices increased 0.54% in April on a month-on-month basis, following a 0.41% increase in the prior month.

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