Annual headline inflation was 9.0% in August 2023. Annual core inflation was 10.7%. Services inflation increased from 8.2% to 8.5%.
Services inflation increased from 8.2% to 8.5%. Inflation expectations were 14.2% for households and 14.4% for businesses.
Single-digit headline inflation improved the macro narrative, although sticky services, core inflation and expectations argued for continued caution on rate cuts and local-duration risk.
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