At the same time, the higher minimum wage, together with elevated global uncertainty, have been weighing Imported price pressures are rising again, interrupting the earlier disinflationary trend. The evolving conflict in the Middle East has pushed up oil and gas prices, with passthrough effects already visible. Still, headline price pressures have declined from its 2022 peak, with CPl inflation hovering around 3% in early 2026, Core inflation has also moderated but remains above 2.5%, largely owing to domestic cost pressures, as reflected in elevated services inflation. Nominal wage growth has declined slowly since its 2023 peak, reflecting a protracted normalisation from unprecedented labour market tightness, with the vacancy-to-unemployment ratio below its estimated Panel B), with the uptick in unemployment reflecting not only slowing labour demand, but also inflows out of
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