Furthermore, on a month-on-month basis, the headline inflation rate for July 2023 reached 2.89%, marking a 0.76 percentage point increase in contrast to the rate registered in June 2023 (2.13%). Essentially, this implies that the average general price level in July 2023 was 0.76% higher than that of June 2023.

URBAN INFLATION

From a year-on-year perspective, the urban inflation rate for July 2023 was 25.83%, presenting a significant 5.74 percentage point increase compared to the 20.09% recorded in July 2022. On a month-on-month basis, the urban inflation rate in July 2023 was 3.05%, demonstrating a 0.75 percentage point rise from June 2023 (2.31%). The corresponding twelve-month average urban inflation rate in July 2023 stood at 22.87%, indicating a substantial 5.59 percentage point increase from the 17.29% reported in July 2022.

RURAL INFLATION

The rural inflation rate for July 2023, observed on a year-on-year basis, reached 22.49%, marking a 3.26 percentage point increase compared to the 19.22% seen in July 2022. On a month-on-month basis, the rural inflation rate in July 2023 reached 2.74%, showing a growth of 0.78 percentage points from June 2023 (1.96%). The corresponding twelve-month average rural inflation rate for July 2023 was 21.04%, indicating a notable 4.79 percentage point increase from the 16.25% recorded in July 2022.