Inflation in 2011 amounted to 15.3% and was marked by two distinct time periods. During January-April 2011, monthly inflation rates averaged 3.1%.
This high inflation was due to the adjustment of the exchange rate and the increase in fuel taxes in January 2011.
During May-December 2011, monthly inflation rates averaged 0.3%. After the secondary effects of the inflation shock abated in April, tight monetary and fiscal policies led to a sustained low inflation.
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