Inflation moderates in line with expectations

Inflation reached 7.0%y/y (0.43%m/m) in October, down from 7.3%y/y (0.53%m/m) in September. This was the first time that yearly inflation moved downwards since July of 2010. Although we expect the moderation to continue in coming months, inflation should continue over the 4.5%y/y target for a long period.

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