Revised data have inflation averaging 1.5% in 2010 (compared with a previous forecast of -1.4%, due to aggressive price competition from a new mobile telecoms provider). A stronger currency in 2011 has led to a moderation in our inflation forecast, taking the edge off elevated commodity and import prices (especially food) and higher wages and government spending, although average consumer price growth will still accelerate in 2011. Despite subsidies and cuts in the value-added tax rate, we envisage average consumer price inflation of 3.9% in 2011, easing to 3.2% in 2012.