Disinflation holds steady at 1.6% YoY in January but monthly momentum cools
Headline inflation held at 1.6% YoY in January, in line with consensus but slightly above our 1.5% forecast
- Although the annual rate was unchanged, monthly price growth slowed to 0.15% (Dec: 0.30%), as food, transport and communication costs eased. Higher housing and miscellaneous expenses partly offset this moderation.
- Core inflation remained at a 27-month high of 2.3% YoY. On a monthly basis, however, it rebounded to 0.4% from -0.1%, driven by increases in miscellaneous goods and services as well as education.
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