Steady at 1.7% in January as rising transport costs offset food price relief
Headline inflation held steady at a one-year low of 1.7% YoY in January, matching our forecast but continue to fall short of market expectations (1.8%)
- Despite MoM increases across all subcomponents, overall inflation remained muted as easing food and housing prices offset rising transport, and restaurant & accommodation services.
- Core inflation edged higher to 1.8% (Dec: 1.6%), returning to its November 2024 level, driven by rising food and health costs, and a mild rebound in communication expenses.
- On a MoM basis, headline CPI remained unchanged at 0.1%, while core inflation surged by 0.5% (Dec: -0.2%).
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