April inflation steady at 1.8% YoY despite tourism surge and festive celebrations
The inflation rate remained unchanged at 1.8% YoY for the third consecutive month in April, matching our house forecast but slightly lower than the market consensus of 1.9%
- Despite a rise in miscellaneous and recreation costs, partly attributed to increased tourism activity, inflation remains relatively subdued as key subcomponents such as food and housing have remained fairly unchanged on a monthly basis.
- However, core inflation rose to 1.9% YoY (Mar: 1.7%), primarily driven by increases in the price of core food, in addition to recreation and miscellaneous items.
- On a MoM basis, both headline (Mar: 0.1%) and core (Mar: 0.2%) inflation recorded a 0.2% gain, reflecting moderate price pressures across the components.
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