Food inflation remained elevated in November but energy inflation eased due to the declining oil prices in international markets, the Central Bank said on December 4 in a note on the November inflation.
Consumer prices rose 0.18% y/y in November (market consensus forecast: 0.3%), and the annual inflation accelerated to 9.15% from 8.96% in October. Food inflation was 0.24% m/m in the month, easing from the previous month’s 2.65% m/m. It contributed 0.06 percentage points to the headline inflation and the annual food inflation stood at 14.37% in November. Unprocessed food prices fell 0.54% m/m for an annualised inflation rate of 15.29% for this group while processed food prices rose 0.95% m/m, bringing the annual increase to 13.61%, data of the Central Bank showed. Energy prices showed a 1.44% m/m decline and the energy price inflation stood at 2.68% y/y in November.
The underlying trend in core inflation indicators continued to improve in November, the Central Bank also said, noting that the y/y increase in the I-index remained flat compared to October. The I-index (excludes the prices of energy, food and non-alcoholic beverages, alcoholic beverages and tobacco products and gold) rose 0.62% m/m in November and the annual rise was 9.03%.
|November CPI by Main Expenditure Groups (%)|
|Food and non-alcoholic beverages||24.45||0.24||14.37|
|Alcoholic beverages and tobacco||5.29||0.00||4.81|
|Clothing and footwear||7.17||4.11||9.71|
|Furnishings, household equipment||7.52||0.86||8.13|
|Recreation and culture||3.36||-1.32||5.89|
|Hotels, cafes and restaurants||6.58||0.63||14.32|
|Miscellaneous goods and services||4.28||-0.10||8.82|
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