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Consumer & Producer Prices (Oct.)

CPI slipped back into deflationary territory last month. This was mostly due to a drop in food inflation. But core inflation declined too, adding to evidence of renewed economic weakness. Nonetheless, the divergence between goods and services inflation continues to suggest that the primary disinflationary pressure is not domestic. And with policy support still on course to drive a modest recovery in growth over the coming quarters, an extended period of deflation is unlikely.

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