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Headline inflation decelerated to 5.7% y/y in Nov ‘23 from 6.0% in Oct ’23 and 7.1% in Nov ’22. Annual inflation slowed across all but three of the main NCPI baskets compared to Oct ’23, with (1) Alcoholic Beverages & Tobacco; (2) Health; and (3) Hotels, Cafés & Restaurants being the three y/y risers (albeit only slightly). The driver for lower inflation was the transport category as the y/y fuel inflation has decreased from 9.0% to 4.5%, although this is due to a base effect from a price decrease in Nov ’22, as fuel prices were unchanged for the month. Monthly inflation was 0.3% - the lowest since Jul ’23.