March 18, 2025/CSL Research

• The latest rebased Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) showed that headline inflation slowed for the second consecutive month, easing to 23.2% year-on-year (y/y) in February, down from 24.5% in January.
• Likewise, food inflation, now accounting for c.40% of the CPI basket compared to 51% previously, declined to 23.5% in February from 26.1% in the previous month.
• In contrast, core inflation – which excludes volatile food and energy prices – rose slightly to 23.0% y/y, up from 22.6% in the previous month.
• Headline, food, and core inflation stood at 2.0%, 1.7%, and 2.5%, respectively, marking a sharp drop from 10.7%, 10.3%, and 10.9% in the prior month.
• This decline aligned with our expectations, as the elevated January figures primarily reflected the impact of the substantial methodological changes in inflation computation.

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​​​​​​​CSL Macro Report – February 2025 Inf