November marks first MoM deflation since July 2021; YoY growth slowed to 1.8%
Headline inflation edged down to 1.8% YoY in November (Oct: 1.9%), matching September’s level and falling below both our projection (2.0%) and market consensus (2.1%)
- The softer inflation reading reflects subdued MoM changes across subcomponents, with food inflation remained muted, transport costs fell sharply, and communication expenses continued to decline. These were partially offset by rising housing and miscellaneous costs. Inflation declined by -0.1% MoM (Oct: 0.2%), marking its first drop in 40 months.
- Core inflation held steady at 1.8% YoY for the third straight month, with no change on a monthly basis. Rising core housing costs were offset by declining core transport prices.
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