Lower tobacco prices, following a one-off hike two months earlier, and slower food and housing price growth, cut Tunisia’s CPI inflation to 4.1% y/y in December from 4.3% y/y a month earlier, the statistics office INS said. In 2015, Tunisia’s CPI inflation averaged a still high 4.9%.
The reading accommodates the c-bank monetary stance by leaving the key rate on hold at its latest MPC sitting following, seeking to reignite the tumbling GDP growth amid slowing CPI inflation and contracting industrial output.
Excluding energy costs, the CPI inflation reached 4.3% y/y in December while excluding food and energy charges, the CPI reached 4.8%.
In monthly terms, the CPI ticked up a marginal 0.2% in December.
Food and beverages prices fell 0.1% m/m in December trimming the annual growth to 3.3% from 3.4% y/y in November.
Fresh vegetables dropped 1.9% m/m in December on favourable seasonal factors and those of edible oils fell 0.9% m/m. Fruits prices rose 0.8% m/m in December.
Housing and utilities prices (14% of the basket) rose 0.5% m/m on higher rents (up 0.9% m/m). The annual growth, however, cooled to a still high 5.3% from 5.5% y/y in November.
Transport prices rose 1.7% y/y, the same as in November while those of education grew 8.5% y/y.
| Nov-15 | Dec-15 | |
| CPI (y/y) | 4,3% | 4,1% |
| Food/beverages | 3,4% | 3,3% |
| Tobacco | 4,9% | 0,6% |
| Clothing/Footwear | 7,2% | 7,1% |
| Housing/utilities | 5,5% | 5,3% |
| Furniture/equipments | 5,6% | 5,9% |
| Health | 2,9% | 3,1% |
| Transport | 1,7% | 1,7% |
| Communications | -2,6% | -3,0% |
| Recreation/culture | 3,2% | 3,3% |
| Education | 9,8% | 8,5% |
| Rest/Hotels | 8,0% | 7,6% |
| Other serivces | 6,5% | 6,5% |
| Source: INS |
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