Inflation eased to 8.3% in December from 8.5% in November. The October reading marked the lowest inflation rate since February. The slowdown was largely due to a slight rise in the prices of transport, clothing and furniture. However, food inflation accelerated slightly.
Meanwhile, the trend has been downward, with annual inflation averaging 9.0% in December (November: 9.1%).
Finally, consumer prices fell by 0.26% in December compared to the previous month, after November’s decline of 0.28%.
FocusEconomics analysts expect inflation to end 2023 at 7.3%, unchanged from last month’s forecast, and 2024 at 6.7%.