Macroeconomic Forecast Tunisia

Consumer price inflation (CPI) in Tunisia increased 5.7% y-o-y in August, compared to 5.6% y-o-y in July, reaffirming our view that the headline print will slowly head higher this year. We forecast consumer price inflation averaging 5.5% and 5.0% in 2012 and 2013, respectively, up from 4.2% in 2011, on due primarily to increasing food and fuel prices.

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