OREANDA-NEWS. September 7, 2010. Consumer prices grew by 1.2% m-o-m in August, implying annual inflation of 8.3% y-o-y, up from 6.8% y-o-y in July.

Concorde Capital: the acceleration was directly derived from the 50% increase in the gas tariffs for households, in line with IMF requirements. We see the potential for inflation to accelerate in the coming months, and estimate the full-year figure for 2010 to be around 10%. We see the likely primary inflation driver as rising food prices following expected worsened domestic and global grain harvests and further spill-over effect of rising utility tariffs. We expect inflationary pressure to be sustained through at least the first half of 2011.