Inflation closes 2014 slightly below the target ceiling

Summary

After having remained equal or above the 6.5% YoY target ceiling since June, inflation slowed down in December and closed the year at 6.41% YoY, slightly below the upper bound of the target range. After this deceleration at the end of the year, which was favored by a positive base effect, we expect annual inflation to move up again at the beginning of 2015, largely due to an upward adjustment in some administered prices (mainly electricity and public transport).

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