On Wednesday, we expect monthly inflation to have accelerated in July by 0.32% after anegative print from June (-0.23% m/m). The government recently announced a fuel tax increaseto help fiscal accounts, which is likely to be partly reflected already in July’s inflation number(about one-third of the total impact). Besides the tax increase, other inflation components havesurprised to the downside, helping to explain the recent downward trend.

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