Headline consumer price inflation (CPI) for October surprised to the upside, jumping to 5.9% year on year, up from 5.4% in September and higher than the market expectation of 5.6%.

This rise in CPI was driven by food and nonalcoholic beverages, housing and utilities, and transport costs. CPI rose by 0.9% between September and October. Core inflation, which strips out the volatile food and nonalcoholic beverages, fuel and energy categories, moderated to 4.4% in October from 4.5% the previous month; however, the market expectation was 4.2%. ..

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