According to the General Statistics Office, the CPI in July increased 0.4 per cent compared to June while core inflation increased 0.58 per cent. The CPI increased 2.54 per cent year-on-year in the first seven months. Reasons behind the rising CPI so far this year include higher prices for essential consumer goods and gasoline.

From the beginning of the year to the middle of March, domestic fertilizer prices increased three times and are now 20 per cent higher than at the end of 2021. Price rises are primarily due to many import contracts being canceled by foreign partners. It is forecast that prices will continue to increase as the conflict between Russia and Ukraine shows no sign of ending.