Inflation stabilizes in January

Latest reading: Consumer prices rose 5.0% on a year-on-year basis in January, unchanged from the prior month's reading and still at the upper bound of the Central Bank’s 3.0–5.0% target range. January's reading was the joint-strongest since April 2023. Relative to the prior month's data, price pressures were higher for transport in January (+3.5% on a year-on-year basis vs +3.4% in December). In contrast, there were reduced price pressures for food and non-alcoholic beverages (+8.0% vs +8.2% in December), housing and utilities (+2.4% vs +2.5% in December) and recreation and culture (+2.4% vs +2.7% in December). Meanwhile, core consumer prices were up 4.9% on a year-on-year basis in January, stable from the prior month's reading. Lastly, consumer prices increased 0.40% in January on a month-on-month basis, following a 0.84% increase in the prior month.

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