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Rising Prices Remain Unabated

Yesterday, the National Bureau of Statistics (NBS) released the inflation report for
October 2023. Headline inflation jumped by 61bps to reach 27.33% YoY
(vs 26.72% YoY in September 2023). This is on the back of increases in its two major sub-components, Food inflation (+88bps to 31.52% YoY) and Core inflation (+73bps to 22.58%). However, on a MoM basis, Headline inflation sustained its descent as it fell by 36bps to settle at 1.73% MoM (vs. 2.10% MoM in September 2023), following reductions in Food inflation (-54bps to 1.91% MoM) and Core inflation (-83bps to 1.39% MoM).

Click here for the full report.

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