*Paraguay’s central bank (BCP) has reported that the country’s annual inflation rate reached 4.4% in July 2024, up from 4.3% in June and 3.5% in July 2023. Inflation rose by 0.1% in monthly terms in July, compared to monthly deflation of 0.4% in June. This brings the accumulated inflation rate for the year to 2.9%, above the 2.2% recorded in the same period of 2023. Core inflation, excluding volatile items, was 0.2% for July, with an annual rate of 3.2%, slightly higher than June’s 3.1%. The increase in monthly inflation in July was mainly driven by price increases in the services sector, offset partially by price reductions in food and fuel. These included price rises in areas including domestic services, household equipment repair, rent, mobile and internet services, and hospitality.
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