Inflationary pressure remained moderate in Jul. The consumer price index (CPI) in Jul slipped by 0.1% month-on-month, but rose 0.5% year-on-year (figure 1). Lower petrol price was the main reason for the moderation in inflation rate. Excluding food and energy, the core CPI rose by 0.3% month-on-month, and 0.9% year-on-year (table 1). 

The ex-factory producer price index, a leading indicator of the CPI, rose by 3.5% year-on-year in Jul, lower than the 4.1% increase in Jun, also due to lower petrol price.

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