Average inflation rate for 2023 projected at 2.8% as headline inflation to continue downtrend
14 days ago
by RUPINDER SINGH / pic TMR
UOB Global Economics & Markets Research expects an average inflation rate of 2.8% for the entire year of 2023 after headline inflation for the country eased to a six-month low of 3.8% in December 2022.
“In the absence of domestic policy changes for price-administered items, particularly fuels and utilities, we expect headline inflation to continue its downward trend towards year-end.
“This will result in an average inflation rate of 2.8% for the entire year of 2023 (Ministry of Finance [MoF] estimate: 2.8%-3.3%),” said the research house.
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