Headline inflation was constant at 1.7 percent between November and December 2024, remaining below the lower bound of the medium-term objective range of 3 – 6 percent, and was lower than the 3.5 percent recorded in December 2023. Inflation between November and December 2024 remained constant, reflecting relatively stable prices across most categories of goods and services, as well as offsetting movements in the annual price changes for some commodity groups. Inflation for domestic tradeables remained constant at 4.3 percent between November and December 2024. However, inflation for imported tradeables decreased from 0.4 percent to 0.1 percent over the same period, mainly on account of the decrease in domestic fuel prices in December 2024. Consequently, all tradeables inflation decreased from 1.4 percent to 1.2 percent between November and December 2024. Inflation for non-tradeables increased marginally from 2.3 percent to 2.4 percent over the same period.
Similarly, the 16 percent trimmed mean inflation remained unchanged at 1.7 percent between November and December 2024, while inflation excluding administered prices increased from 3.1 percent to 3.3 percent over the same period.