According to data released by the Statistics Office this morning, headline CPI was up 1.8% mom, compared to the consensus forecast of 1.25% mom. Meanwhile year-on-year headline inflation is up to 7.71%, quietly higher than CBT’s target.

Food price inflation surprised the market on the upside, remaining at 11.4% yoy in October, which is the main component of the calculation. In addition, core items (excluding food, energy and tobacco) was up to 7.5% year-on-year inflation in October,...