While the inflation rate sped down in June with 0.15% compared to 0.16% in May this year, it failed to drop below the 7% level as happened in April 2006, according to the latest data published by the National Statistics Institutre. The inflation rate for June stood at 7.11% last month, the data shows.

The 0.15% growth for consumer prices was generated by non-food goods (0.19%) and services (0.14%). The overall lower prices for food products influenced the rate by -0.18%.

The National Bank has set an inflation target of 5% for 2006, +/- one percentage point.