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Headline inflation picked up marginally in Aug ’23 to 4.7% y/y, up from 4.5% in Jul ’23 but still slower than the 7.3% for Aug ’22. Annual inflation for food and non-alcoholic beverages slowed for a sixth consecutive month, but transport inflation was less deflationary (-2.5% in Jul ’23 vs -2.2% in Aug ’23), while inflation accelerated in six of the 12 categories (namely alcoholic beverages and tobacco, clothing and footwear, housing and utilities, health, communications, and hotels, restaurants and cafes. Monthly inflation also accelerated to 0.4% from 0.3%, to its highest level since Mar ’23 (0.6%).