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Headline inflation slightly accelerated to 5.4% y/y in Jan ’24 from 5.3% in Dec ’23 but is notably lower than the 7.0% recorded in Jan ’23. As expected, monthly inflation was significantly higher at 1.3% in Jan ’24, after Dec ’23 saw a 0.1% deflation (the first since Aug ’21). Compared to Jan ’23, notable annual decelerations include Food & Non-Alcoholic Beverages from 14.0% to 6.5%; Transport from 11.1% to 6.1% and Education from 3.8% to 1.1%.