Transport costs drive inflation to a near two-year high as global pressures build
Headline inflation rose to 1.9% YoY in April (Mar: 1.7%), driven primarily by higher transport costs. The print matched our forecast and consensus
- Prices increased 0.37% MoM (Mar: 0.29%), largely due to a 2.5% MoM rise in transport inflation. Despite the firmer reading, food prices were broadly flat while housing recorded monthly deflation, partially offsetting the upside pressure.
- Core inflation eased marginally to 2.0% YoY (Mar: 2.1%), with prices rising 0.15% MoM (Mar: 0.22%), suggesting underlying price pressures remain contained.
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