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Core inflation, which excludes accommodation and private transport, was steady as higher services inflation was offset by weaker retail and other goods prices, alongside a sharper fall in electricity and gas costs. On a month-on-month basis, core prices edged down 0.1%, while the all-items consumer price index rose 0.2%.
Headline inflation also held at 1.2%, reflecting unchanged accommodation and core inflation. Accommodation costs continued to rise modestly at 0.3%, in line with stable rental growth. Food inflation was unchanged at 1.2%, as prices for both cooked and non-cooked food rose at the same pace as in October.
Across CPI categories, price movements were mixed. Private transport inflation eased to 3.5%, down from 3.8%, due to a smaller increase in car prices. Retail and other goods inflation dipped to 0.3% as clothing, footwear and personal care appliance prices fell. Electricity and gas prices declined more sharply by 4.1%, reflecting lower electricity costs.
The main upward pressure came from services inflation, which rose to 1.9% from 1.8% in October, driven by higher costs for point-to-point transport services and health insurance.
MAS and MTI maintained their full-year 2025 forecasts, projecting core inflation at 0.5% and headline inflation at 0.5% to 1%. Forecasts for 2026 were also unchanged at 0.5% to 1.5% for both measures. Authorities highlighted ongoing uncertainties, noting that while imported cost pressures are easing, supply shocks or weaker global demand could alter the inflation outlook.
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