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Annual inflation for Jan ’23 rose to 7.0%, up from the 4.6% in Jan ’22 and 6.9% in Dec ’22. This acceleration is due to increases in food inflation, contributing 2.6 percentage points to the Jan ’23 print, while transport inflation slowed down. Monthly inflation accelerated to 1.1% from 0.3% in Dec ’22, however this is seasonal given the impact of annual price changes that take effect at the start of the calendar year.