Jul 21 consumer price inflation
■ Headline inflation eased more than expected to 2.2% yoy in Jul 21, driven by
steep electricity bill discounts in Jul-Sep 21 and dissipation of base effects.
■ The extended lockdown left prices for durable goods, semi-durable goods
and services unchanged from Jun 21.
■ We reiterate our end-2021 OPR forecast at 1.75% on soft core inflation and
weak economic activities.