Macroeconomic Forecast Tunisia

Consumer price inflation (CPI) in Tunisia came in at 6.6% y-o-y in June, up from 4.2% at end-2011, as a result of a recent uptick in food prices. With the central bank likely to retain a relatively accommodative monetary policy in order to support the country's economic recovery, we expect inflation to continue heading higher in the near term. We forecast the headline print averaging 5.3% and 4.5% in 2012 and 2013, respectively, up from 3.5% in 2011. .

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