Year-on-year inflation (YoY) in July 2023 was 3.08%, a 0.44% decrease from annual inflation in June 2023. As a result, general YoY inflation has constantly declined since its peak in September 2022. Monthly general inflation was primarily due to the government-regulated price component, which spotted 8.42% YoY inflation. All sectors experienced YoY inflation except the information, communication, and financial services industry sector (-0.24%), which has been experiencing deflation for the last 19 months. The energy sector (10.49%) and transportation sector (9.58%) experienced the biggest YoY price increases among other sectors. Since September 2022, year-on-year inflation in the energy sector has reached double digits.

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