Economics Update – Nov 2019 CPI

• Headline inflation jumped to +3.52% yoy in Nov (vs. +2.24% yoy in Oct).
• Pork price hike lifted food inflation to a record high in Nov.
• Price pressures remain muted on average, at 2.57% yoy in 9M19 vs. 3.59% in the same period last year.
• Including the impact of higher pork prices, we estimate headline inflation to tick up 3.2% in 2020F, which seems still controllable.

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