# MACROECONOMIC ANALYSIS SERIES: Inflation Outlook 2020

Throughout 2019, we observe an overall low inflation landscape, as made apparent by its inflation rate being the lowest in 20 years (2.72%). The most important contributor of such decrease in inflation is the administered inflation, for which we have observed a decrease of 2.85 bps from last year. In addition, core inflation rate is also 0.05 bps lower than the preceding year, signifying a rather contracted economic landscape.