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Annual Resident PSCE in Sep ’25 grew by 5.9% y/y, a marginal improvement on the 5.8% recorded in Aug ’25. This is the highest y/y growth since Mar ’20. M/M growth also improved slightly, from 0.5% in the previous month to 0.6%. Real resident PSCE growth decelerated slightly to 2.4% (previously 2.6%), bringing the YTD average up slightly to 1.4%.