July 17, 2025/CSL Research

• The National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for June yesterday, confirming a continued moderation in headline inflation for the third consecutive month, which was in line with our expectations.
• Headline inflation eased to 22.2% year-over-year (y/y) in June, down from 23.0% in May. However, underlying inflationary pressures remain evident, as monthly inflation rose by 1.7%, up 15 basis points (bps) from the previous month.
• Meanwhile, both food and core inflation recorded an uptick in June, rising to 22.0% and 22.8% y/y, respectively, from 21.1% and 22.3% in May.
• In terms of major contributors to the headline inflation, the food and non-alcoholic beverages category accounted for approximately 8.9% of the overall CPI increase in June, while restaurants and accommodation services and transport contributed around 2.9% and 2.4%, respectively.

Kindly click on the link below to download the full report.

​​​​​CSL Macro Report – June 2025 Inflation.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​