In Dec-24, annual inflation rose to 1.9%, from 1.3% posted in November, bringing the average annual inflation rate to 1.1% for 2024. This increase in December was mainly driven by an acceleration in mixed goods inflation to 3.9% y/y (+3.1% y/y in Nov-24), along with a rise in inflation for domestically produced goods and services to 2.2% y/y (+1.8% y/y in Nov-24) - Galt&Taggart review reads.
Meanwhile, imported inflation declined by -0.9% y/y (-1.7% y/y in the previous month).
Notably, core inflation, excluding volatile food, energy and tobacco prices, rose further to 2.3% y/y in Dec-24 from 1.6% y/y in November.
We expect average annual inflation at 3.9% in 2025.
