Kyrgyzstan's annual inflation climbed to 11.5% in July, up from 11.0% in June and marking the highest level since March 2023 . Price increases accelerated across several categories, notably clothing and footwear (8.0%), housing and utilities (11.2%), and restaurants and hotels (29.2%) . The National Bank of Kyrgyzstan responded by holding its key interest rate at 12% in late July, maintaining tight monetary conditions to guide inflation toward its medium-term 5%–7% target . The Asian Development Bank has revised its 2026 inflation forecast for Kyrgyzstan to 11.2%, citing strong domestic demand and external pressures .

Botswana: Confirmed Drop to 9.4% in July

Botswana's annual inflation rate fell sharply to 9.4% in July, according to the official press release from Statistics Botswana published on August 14, 2026 . The rate was down from 10.7% in June — which had been unchanged from May and at its highest since December 2022 . July's reading showed notable differences by region: inflation in cities and towns was 9.0%, in urban villages 9.4%, and in rural villages 10.1% . Imported tradable inflation stood at 13.3%, while non-tradable inflation was 5.6% . The earlier reported figure of 10.7% reflected pre-release expectations; the confirmed July data from the official statistical agency shows the decline.

Croatia: Easing to 3.9%, Lowest Since February

Croatia's annual inflation slowed to 3.9% in July, down from 4.5% in June, marking the lowest reading since February 2026 and confirming preliminary estimates . Price growth moderated for alcoholic beverages and tobacco (3.7% vs 7.1% in June), health (4.9% vs 5.2%), and transport (8.2% vs 8.6%) . However, housing and utilities costs continued to rise sharply at 12.2% . On a harmonized EU basis, Croatia's inflation was 3.6%, still 1.6 percentage points above the ECB's 2% target .

Romania: Sharp Drop to 8.2% on Electricity Moderation

Romania's annual inflation rate fell to 8.2% in July, a steep decline from 10.4% in June and the lowest reading since July 2025 . The drop was largely driven by a sharp moderation in electricity price growth — from 35.2% in June to just 2.9% in July — which pulled down the non-food goods inflation rate from 12.3% to 7.9% . Food inflation also eased to 5.0%, while services inflation held steady at 13.7% . The National Institute of Statistics reported that the CPI in July was 0.58% higher month-on-month .

Israel: Falls to 1.5%, Lowest Since May 2021

Israel's annual inflation rate eased to 1.5% in July, down from 1.6% in June and below market expectations of an unchanged reading . That marks the lowest inflation rate since May 2021 and keeps price growth comfortably within the Bank of Israel's 1%–3% target range .

Canada: Expected Uptick to 2.9% on Gasoline

Canada's official July CPI reading had not yet been released as of August 14, 2026 — the next scheduled release from Statistics Canada is August 17 . However, a Reuters poll of economists expects annual inflation rose one-tenth to 2.9%, driven by a rebound in gasoline prices . Economists at Royal Bank of Canada noted that while gas prices remain below their April 2026 peaks, the month-over-month increase is enough to push headline inflation higher . Prices at the pump were 25% higher in July than a year ago, compared with a 20% annual hike in June .

Summary of the Mixed Picture

• Upward pressure: Argentina (modest monthly rise to 2.1%, annual 33.8%), Kyrgyzstan (accelerating to 11.5%), Canada (expected uptick to 2.9% on gasoline)
• Downward pressure: Croatia (easing to 3.9%), Romania (sharp 2.2 percentage point drop to 8.2%), Israel (falling to five-year low of 1.5%), Botswana (confirmed decline from 10.7% to 9.4%)

The data underscores that global disinflation is proceeding unevenly, with energy costs, domestic demand, and external shocks creating very different outcomes across economies.

Kyrgyzstan's annual inflation climbed to 11.5% in July, up from 11.0% in June and marking the highest level since March 2023 . Price increases accelerated across several categories, notably clothing and footwear (8.0%), housing and utilities (11.2%), and restaurants and hotels (29.2%) . The National Bank of Kyrgyzstan responded by holding its key interest rate at 12% in late July, maintaining tight monetary conditions to guide inflation toward its medium-term 5%–7% target . The Asian Development Bank has revised its 2026 inflation forecast for Kyrgyzstan to 11.2%, citing strong domestic demand and external pressures .

Botswana: Confirmed Drop to 9.4% in July

Botswana's annual inflation rate fell sharply to 9.4% in July, according to the official press release from Statistics Botswana published on August 14, 2026 . The rate was down from 10.7% in June — which had been unchanged from May and at its highest since December 2022 . July's reading showed notable differences by region: inflation in cities and towns was 9.0%, in urban villages 9.4%, and in rural villages 10.1% . Imported tradable inflation stood at 13.3%, while non-tradable inflation was 5.6% . The earlier reported figure of 10.7% reflected pre-release expectations; the confirmed July data from the official statistical agency shows the decline.

Croatia: Easing to 3.9%, Lowest Since February

Croatia's annual inflation slowed to 3.9% in July, down from 4.5% in June, marking the lowest reading since February 2026 and confirming preliminary estimates . Price growth moderated for alcoholic beverages and tobacco (3.7% vs 7.1% in June), health (4.9% vs 5.2%), and transport (8.2% vs 8.6%) . However, housing and utilities costs continued to rise sharply at 12.2% . On a harmonized EU basis, Croatia's inflation was 3.6%, still 1.6 percentage points above the ECB's 2% target .

Romania: Sharp Drop to 8.2% on Electricity Moderation

Romania's annual inflation rate fell to 8.2% in July, a steep decline from 10.4% in June and the lowest reading since July 2025 . The drop was largely driven by a sharp moderation in electricity price growth — from 35.2% in June to just 2.9% in July — which pulled down the non-food goods inflation rate from 12.3% to 7.9% . Food inflation also eased to 5.0%, while services inflation held steady at 13.7% . The National Institute of Statistics reported that the CPI in July was 0.58% higher month-on-month .

Israel: Falls to 1.5%, Lowest Since May 2021

Israel's annual inflation rate eased to 1.5% in July, down from 1.6% in June and below market expectations of an unchanged reading . That marks the lowest inflation rate since May 2021 and keeps price growth comfortably within the Bank of Israel's 1%–3% target range .

Canada: Expected Uptick to 2.9% on Gasoline

Canada's official July CPI reading had not yet been released as of August 14, 2026 — the next scheduled release from Statistics Canada is August 17 . However, a Reuters poll of economists expects annual inflation rose one-tenth to 2.9%, driven by a rebound in gasoline prices . Economists at Royal Bank of Canada noted that while gas prices remain below their April 2026 peaks, the month-over-month increase is enough to push headline inflation higher . Prices at the pump were 25% higher in July than a year ago, compared with a 20% annual hike in June .

Summary of the Mixed Picture

• Upward pressure: Argentina (modest monthly rise to 2.1%, annual 33.8%), Kyrgyzstan (accelerating to 11.5%), Canada (expected uptick to 2.9% on gasoline)
• Downward pressure: Croatia (easing to 3.9%), Romania (sharp 2.2 percentage point drop to 8.2%), Israel (falling to five-year low of 1.5%), Botswana (confirmed decline from 10.7% to 9.4%)

The data underscores that global disinflation is proceeding unevenly, with energy costs, domestic demand, and external shocks creating very different outcomes across economies.