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Services exports recorded strong momentum in December, rising 21.9% month-on-month and 13.3% year-on-year, the first instance of double-digit annual growth in three months.

Services imports increased 7.4% YoY, following a contraction in November (-2.04%), contributing to the expansion in the services trade surplus.

Core inflation picked up in December, rising to 4.6% YoY from 3.4% in November.

At the same time, headline inflation has remained well below last year’s levels, even as it edged higher on a month-to-month basis.