November 17, 2026/CSL Update

Headline inflation records marginal decline in January. Recently released data from the National Bureau of Statistics (NBS) showed that headline inflation eased further to 15.1% year-on-year (y/y) in January, down slightly from 15.2% y/y recorded in the previous month, extending the disinflation trend to a tenth consecutive month. A key driver of the slowdown was the sustained moderation in food prices. Food inflation declined notably to 8.9% y/y in January from 10.8% y/y in December, suggesting improving supply conditions.

We attribute this to a relatively strong harvest season alongside government intervention measures, which helped moderate price pressures across key staple foods. Similarly, core inflation eased to 17.7% y/y in January from 18.6% y/y in the previous month, signalling a broad-based moderation in service-related components. We connect this slowdown to reduced fuel-related cost pressures and the strengthening of the local currency.

Kindly click on the link below to download the full report.

​​​​​CSL Economics Report – January 2026 Inflation.pdf​