Consumer prices rose 0.01% MoM in November, notably lower than the market consensus of 0.48%. Meanwhile annual inflation rose to rose 7.3%  This is the lowest level of 12-month Consumer Price Index since May 2013. However, current year-to-date inflation is 6.9% which is 10 bps higher than CBT’s year-end target. One again CBT misses the inflation target.

Despite the lower than expected inflation numbers, CBT will keep on being cautious, no change in monetary policy is expected....