The August inflation figure, the highest since May of 1998 was in line with analysts’ average forecast of 15.7%.

Among the largest increases, the price of margarine soared by 66.9%, that of bread rose by 64.3%, cheese cost 61% more, the price of pasta went up by 57.9%, dairy prod-ucts cost 54.7% more, butter was 54.5% more expensive, eggs cost 42% more, the price of rice went up by 40.9% and poultry was 38.8% pricier than a year ago.

Fuel prices alone were only 0.3% higher, due to the price cap.

Core inflation – which excludes energy and seasonal foods – reached 19% year-on-year in August, up from 16.7% in July, and was up by 2.2% on a monthly basis.

Over the first eight months, the average inflation was 10.7% year-on-year.

According to forecasts, the inflation rate may increase yet further in the coming months, and it is expected to reach 20% in the autumn, a level not seen since 1996, Portfolio notes.

If the government lifts the price cap for fuel and staple foods gradually or in one step from the beginning of October, then even a peak of 22-24% is possible, analysts say.