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Mar ‘26 is the calm before the storm, with headline inflation decelerating to 2.1% (from 2.4% in Feb ‘26), the lowest rate since Jul '20. This low inflation will be short lived, as inflationary pressure from the conflict in the Middle East reaches the country, with the first impact to be observed in Apr as fuel prices were increased. Elsewhere, Housing & Utilities continued to exert upwards pressure even though it recorded a minor slowdown. The Health basket recorded its highest inflation since Feb '23 and recorded the highest m/m increase amongst all baskets at 0.7%.