Year-on-year (YoY) inflation in January 2023 was reported at 5.28% or a decrease of 0.22% compared to annual inflation in December 2022. Inflation was mainly due to the administered prices component which experienced YoY inflation of 12.28%. YoY inflation occurred in all sectors except the information, communication and financial services sector (-0.22%). The highest YoY price increases occurred in the energy sector (15.34%) and transportation (13.91%). YoY inflation for both sectors has reached double digits since September last year.

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