What it implies:

June producer prices suggest that price pressures for some prices may have already peaked, which is also related to the decline in a number of commodity prices on world markets in recent weeks due to concerns about a weakening global economy. On the other hand, a number of price pressures are not abating. Agricultural prices continue to accelerate, which will further bubble up into higher food prices. Electricity and gas prices have also risen noticeably further due to fears of gas supply disruptions from Russia in the middle of this year, which will further increase price pressures (Chart 2). Further increases in food and energy prices will thus outweigh the effect of the higher comparison base in the second half of last year on consumer prices. In view of these developments, inflation will thus accelerate further in the coming months and reaching the 20% threshold seems a done deal from the current perspective.

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