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Headline inflation decelerated to 5.3% y/y in Dec ’23 from 5.7% in Nov ’23 and 6.9% in Dec ’22. Major y/y decelerations include (1) Food & Non-Alcoholic Beverages which slowed from 9.2% to 7.4%; (2) Transport which slowed from 5.1% to 4.0%; and (3) Hotels & Restaurants which slowed from 7.7% to 6.5%. Monthly inflation was -0.1%, marking the first monthly deflation since Aug ’21, attributed to the Transport basket deflating by 2.0% as petrol/diesel prices were reduced by 130 cents per litre in Dec ’23.