December 16, 2025/CSL Update

• As anticipated, headline inflation eased to 14.5% year-on-year (y/y) in November from 16.1% y/y in October, marking the eight consecutive monthly decline.
• On a month-on-month (m/m) basis, inflation inched up by about 29 basis points (bps) to 1.2%, largely driven by food inflation.
• The m/m uptick suggests that while annual inflation continues to moderate, partly reflecting a favourable base effect, short-term price pressures accelerated in November. Food inflation rose by 11.1% y/y in November, easing from 13.1% y/y in October.
• Similarly, core inflation moderated to 18.0% y/y from 18.7% y/y in the prior month.
• Within the consumer price index (CPI) basket, food and non-alcoholic beverages, restaurants and accommodation services, transport, and utilities remained the primary contributors, jointly accounting for 79.7% of the overall price increase in November.

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​​​​​​​CSL Macro Report – November 2025 Inflation.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​