Headline Inflation ticked up by 15bps to 12.13% YoY in January
Inflation data released by the National Bureau of Statistics this morning showed that consumer prices rose by 0.87% MoM in January, higher than 0.85% MoM in December (which was the slowest MoM change in nine months) and our forecast of 0.83% MoM change. The increase compared to the prior month largely mirrored 1bps MoM increase in both the food and core index to 0.98% and 0.82% respectively.
The modest pace of growth in the food index reflects the fading impact of the border closure. For context, Famine Early Warning Systems Network (FEWS NET) recent update revealed that market supplies of tubers, millet, rice, and maize remain buoyant despite the conclusion of the main harvest season.
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