Annual inflation remained stable at 6.30% in October, although it remains 120 bps above the level observed at the end of last year. The stability in annual inflation was explained by offsetting pressures across baskets: while food inflation increased, inflation excluding food declined.

The labor market showed a partial recovery in September, following the sharp deterioration recorded in August, partly due to the earthquake. The national unemployment rate declined to 8.0%, from 8.2% a year earlier. However, the slowdown in job creation persists.