In the previous week, the National Bureau of Statistics (NBS) published a flurry of economic data. Most notably was the release of the CPI and inflation report for Mar-2021. The report estimated that headline inflation increased to 18.17% y/y from 17.3% recorded in Feb-2021. Again, food inflation continues to be the significant inflationary driver, as the food index surged by 23.0% y/y in Mar-2021 from 21.8% in February 2021. On a month-on-month basis, the Headline index increased by 1.56% in Mar-2021, 2bps higher than the rate recorded in February 2021.