The National Bureau of Statistics (NBS) reported that consumer prices in the month of January increased by 16.47% YoY from 15.75% YoY in December 2020, slightly higher than our forecast of 16.10% YoY. The uptrend continues to be sustained by increases in both the food and core indices. Food inflation for the month stood at 20.57%YoY (vs 19.56% in December 2020), while core inflation was at 11.85%YoY (vs 11.37% YoY in December 2020).
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