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Bahrain CPI Inflation -0.5% m-o-m in Nov-23

- Bahrain's CPI inflation rate in November 2023 decreased by 0.5% on a month-on-month basis, marking the lowest since May 2023.
- The November inflation rate was 0.44 percentage points below the 1-year average, indicating a significant deviation from a norm that is already too disinflationary.

Bahrain M2 Money Supply 3.8% y-o-y in Oct-23

- Bahrain's M2 Money Supply recorded a year-on-year growth rate of 3.8% in October 2023, marking the highest expansion since June 2023.
- Despite the positive growth, the current rate falls 1.42 percentage points below the one-year average and lags behind the long-run average by 0.76pp.

Bahrain CPI Inflation 0.0% m-o-m in Oct-23

- Bahrain's CPI inflation was 0.0% in October 2023, indicating price stability in the economy.
- Equivalence in the m-o-m and y-o-y rates suggests price stability is engrained and not yet returning to a preferred pace near 2%.

Oil: Lower For Longer?

• Although Opec+ will almost certainly extend existing cuts at its 26 November meeting and might agree to modest additional trimming, growth in non-Opec+ production is currently on track to see global output outpacing demand through 2024.

By Alastair Newton