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Annual inflation accelerated to 5.4% in Sep ’23, down from 7.1% in Sep ’22 but the highest print since May ’23. While the food and alcoholic beverages category is still the single largest contributor (1.9%pts of the 5.4% print), the higher print compared to the preceding months is due to higher fuel prices, seeing transport inflation turn positive (+2.2% y/y) after being deflationary the prior three months. Monthly inflation also accelerated to 0.8%, the highest since the 1.1 in Jan ’23, primarily due to the fuel price increases.