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Headline inflation for Jan ’26 came in at 2.9%, the lowest rate recorded at the start of the year since ’21. A key contributor to this subdued outcome was the continued easing in Food & Non-Alcoholic Beverages, which recorded a rate of 1.9%, the lowest Jan reading for the category since ’11. Transport inflation slowed from 2.0% in Dec ’25 to 1.7% in the new year, a marked moderation from the 3.1% recorded a year earlier. Housing & Utilities, which over the course of ’25 became the largest contributor to inflation, ticked up marginally from 4.5% in Dec ’25 to 4.6% in Jan ’26. Alcoholic Beverages & Tobacco recorded a rate of 3.8%, slightly higher than the 3.7% observed in Dec ’25, largely reflecting firmer alcoholic beverage prices.