July inflation edges up to 4.35pc

Higher interest rates ahead concept. [Photo/Reuters]

The cost of basic items increased slightly last month as inflation rose to 4.35 per cent, up from 4.28 per cent in June.

This was driven by a slight increase in the retail price of sugar following a nationwide crackdown on contraband sugar as well as an increase in kerosene, electricity and cooking gas prices.

The cost of transportation also edged up slightly on an increase in petrol prices which outweighed a decrease in diesel prices. There was, however, a general drop in food prices that saw the food index fall by 0.9 per cent.

Prices of goods could go up if the Finance Bill that proposes an increase in excise duty is passed by Parliament.