- Headline inflation in November dipped to 0.94%YOY, down from 1.23%YOY in the previous month. This is the third consecutive monthly decline, and the lowest level since March 2018. Thus, for the first 11 months of this year, headline inflation averaged at 1.13%YOY. Meanwhile, core inflation also slowed from 0.75%YOY last month to 0.69%YOY in November. Therefore, core inflation averaged at 0.71%YOY for the first 11 months this year.
- Headline inflation slowed in November following softer energy price and core inflation. The growth in energy price index slipped to 3.29%YOY, compared to 8.11%YOY last month, as a result of the - 6.91%YOY contraction in average Brent price in November. However, raw food price index increased by a slight 0.33%YOY in November, after recording a -1.48%YOY contraction last month. This was due to the improvement in meat price index, which accelerated 1.01%YOY in November, up from 0.21%YOY in the previous month, while vegetables and fruits price index contracted at a slower rate of -3.25%YOY, after the -8.33%YOY fall last month. Core inflation slowed as a result of moderations in a number of components. Leading the decline in core inflation were the growth in prices of housing and furnishing, prepared food, personal care expenditure, apparel and footwear, and public transportation services, which dipped to 0.53%YOY, 1.52%YOY, 0.28%YOY, 0.20%YOY, and 0.35%YOY; down from 0.59%YOY, 1.54%YOY, 0.70%YOY, 0.47%YOY, and 0.66%YOY last month, respectively. Moreover, prices of tobacco and alcoholic beverages rose more slowly at 0.23%YOY, compared to 0.41% last month, due to the high-base effect of the increase in excise tax that took place in September last year.
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