Headline inflation of 2.4% came in lighter than expectations, but was still up meaningfully versus last month…

… despite continued pressure from last year’s tax holiday, which reduced food and alcohol inflation - but should be “out of the number” in April. That leaves a sharp reversal in transportation costs…

… on the back of a 21% increase in gasoline prices driven by the Iran conflict, which should be the driver of CPI going forward…

… masking the sixth straight month of declining core inflation.

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