Macroeconomic Analysis Series: Monthly Inflation, December 2023

Year-on-year (YoY) inflation in November 2023 was reported at 2.86%, showing an increase of 0.30% compared to the annual inflation in October 2023. This indicates a rise in YoY inflation that is consistent with the previous month, October 2023, which also increased by 0.29% relative to September 2023. The increase in YoY inflation in November 2023 was driven by a rise in all sectors except the energy sector. The sectors experiencing the highest YoY inflation were the food materials sector (7.91%), the food, beverage, and tobacco sector (6.71%), and the personal care and other services sector (3.76%). YoY inflation in the energy sector experienced a significant decline, in June 2023, the inflation in the energy sector was still in double digits, but in this month, it reached -2.24%, marking the first time the energy sector has experienced deflation in 2023.

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