The August CPI data showed continued consolidation of inflation lower, with the headline CPI flat MoM and YoY inflation falling to 6.1% from 6.9%. Ex-food and regulated items printed at 0.2% MoM, bringing YoY core inflation to 5.5%. Rent continues to be the main contributor. The recent accumulation of positive inflation data, together with prospects for continued consolidation lower, provides the basis for a potential shift to faster cuts by BanRep.