The National Bureau of Statistics (NBS) reported that the Consumer Price Index increased by 17.01%YoY in August (vs. 17.37%YoY in July) and 12bps above our projection of 16.89%YoY. This marks the fifth consecutive month of disinflation, this time sustained by the slower pace of increase in both the food and core indices. The food index for the month edged higher by 20.30%YoY (vs. 21.03%YoY in July) mainly due to increases in the prices of Bread and cereal, Milk, Cheese, and eggs. Similarly, the core index recorded a slower growth of 13.41%YoY, compared to 13.72%YoY in July, which was led by increases witnessed in the prices of Shoes and footwear, Household textile, Motor cars, Garments, and major Household appliances.
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