Year-on-year (YoY) inflation in March 2023 was reported at 4.97% or a decrease of 0.50% compared to annual inflation in February 2023. Inflation was mainly due to the administered prices component which experienced YoY inflation of 11.56%. YoY inflation occurred in all sectors except the information, communication and financial services sector (-0.23%), which has consistently experienced deflation over the past 16 months. The highest YoY price increases occurred in the energy sector (14.43%) and transportation (13.72%). YoY inflation for both sectors has penetrated double digits since September last year.

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