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 (%) | |||
| Weights | m/m | y/y | |
| Headline | 100 | 0.18 | 9.15 |
| 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 |
| Housing, utilities | 16.41 | 0.21 | 7.64 |
| Furnishings, household equipment | 7.52 | 0.86 | 8.13 |
| Health | 2.44 | 0.23 | 9.33 |
| Transportation | 15.54 | -1.79 | 5.06 |
| Communications | 4.70 | -0.13 | 1.59 |
| Recreation and culture | 3.36 | -1.32 | 5.89 |
| Education | 2.26 | 0.25 | 8.31 |
| Hotels, cafes and restaurants | 6.58 | 0.63 | 14.32 |
| Miscellaneous goods and services | 4.28 | -0.10 | 8.82 |
| Source: tuik | |||
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