Inflation rose to 20.3% in December, up from 19.6% in November, the 12th consecutive month of increase. The December reading was the highest rate of inflation since March 2000. Looking at the details of the release, the increase was broad: food, transportation, clothing, and housing prices rose at a faster rate in December.
The trend pointed upward, with annual inflation averaging 15.0% in December (November: 14.0%).
Finally, consumer prices increased by 1.24% MoM in December, which was lower than November’s increase of 1.42%. The December result was the weakest reading since July.
FocusEconomics panelists see inflation at 10.1% in 2023, which is 0.3 percentage points lower than last month’s forecast. For 2024, the inflation rate is expected to be 6.8%.