Macroeconomic Forecast Tunisia

BMI View: : Consumer price inflation (CPI) in Tunisia increased to 5.8% y-o-y in April compared to 5.4% in March, reaffirming our view that the headline print will head higher this year. Food and housing prices will remain elevated over the coming months, while we believe the Central Bank of Tunisia will avoid raising interest rates as a means of curbing inflationary pressure, a move that would risk damaging the country's tentative economic recovery. We forecast CPI averaging 5.0% in 2012, up from 3.5% in 2011.

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