The underlying component of inflation should also follow a similar trajectory, falling from 6.6% in 2022 to 6.1% this year, then to 2.9% in 2024, BAM pointed out in a statement issued at the end of its second quarterly Board meeting for 2023.

Following a rate of 6.6% in 2022, inflation continued to accelerate, reaching a peak of 10.1% in February 2023, noted the same source.

Since then, it has decelerated, but remains at high levels due to the rise in fresh food prices, returning to 8.2% in March, 7.8% in April and 7.1% in May, added BAM.