Inflation is expected to surge to 21.8% in August 2024, IC Securities has predicted.
According to the investment firm, this is due to unfavourable base effect.
However, month-on-month inflation will ease.
“Although the sharper-than-expected deceleration in the July 2024 annual inflation significantly eases our concerns, we remain convinced that the August print will witness an upturn, stressing the need for caution in lower inflation and interest rate outlooks”, it disclosed in its analysis of the outlook of inflation.
It pointed out that in August 2023 it observed an unexpected contraction in the Consumer Price Index (CPI) levels by 0.4 points, which resulted in a 300 basis points decline in annual inflation.
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