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Annual inflation for October ‘24 further decelerated to 3.0%, down from 3.4% in the previous month and 6.0% 12m ago. The decline is mainly driven by the transport basket in a deflationary position of -2.9%, compared to 6.6% 12m ago due to notably lower petrol/diesel prices; along with general comedowns in food, beverages and tobacco inflation. However, this is countered by an acceleration in housing and utilities, now up to 4.4% y/y from 3.7% in the previous month, as rent has increased by 0.9% m/m to reach 5.2% y/y.