Annual inflation fell for the second month in a row and will show a sharp slowdown in January

Summary

We expect headline inflation to show a sharp slowdown in January (to 3.6% YoY) and to close 2015 at 3.3%. In a context of weak demand and ample economic slack, pass-through should be contained. We expect core inflation to decline to 2.7% in January and to remain below 3.0% for most of the year

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