In October, inflation data began to show a significant slowdown, with CPI increasing by +7.7% year-on-year and core CPI increasing by +6.3% year-on-year, exceeding market expectations. Although food (+0.6% month-on-month) and energy prices (+1.8% month-on-month) showed resilience in October, the month-on-month growth rate of core CPI, which excludes food and energy prices, slowed significantly, recording a month-on-month increase of +0.3% in October, the lowest since September 2021.