Eases further to 1.7% in December, lowest in almost a year
Headline inflation softened to 1.7% YoY in December (Nov 1.8%), the lowest since January 2024. The reading matched our forecast but fell short of market expectations (1.8%)
- For 2024, inflation averaged 1.8% YoY (2023: 2.5%; KIBB: 1.9%), well below its 30-year average of 2.3%, largely due to lower food (2.0%; 2023: 4.8%), transport (0.9%; 2023: 1.1%), and restaurant & accommodation prices (3.1%; 2023: 5.5%).
- Core inflation eased to 1.6% (Nov: 1.8%) its lowest in nearly three years, partly due to a sustained drop in communication costs. The full-year rate stood at 1.8% (2023: 3.0%).
- 4Q24 inflation cooled further to 1.8% (3Q24: 1.9%), primarily due to a moderation in transport costs (0.5%; 3Q24: 1.2%).
- On a MoM basis, headline CPI rebounded by 0.1% (Nov: -0.1%), while core inflation declined by 0.2% (Nov: 0.0%).
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