The consumer price index increased from 2.4% to 2.6% year-on-year in June, in line with the flash estimate. Data confirmed another increase in core inflation from 1.7% to 1.9% YoY. This was mainly due to services prices, which accelerated from 3.3% to 3.9% YoY. In our opinion, the strong rise in services prices in June reflects the impact of social transfers. According to the official GUS comment, prices of package holidays added 0.09 percentage points to the headline. There were also increases in charges from telecommunication providers. The trend should continue in the autumn, as increases were announced by TV ... (full story)