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The median forecast of a Reuters poll of analysts put inflation at 3.9 percent year-on-year at the end of April.
Data showed prices rose 0.6 percent on the month in April, with food and services each up 0.7 percent while non-food advanced 0.5 percent.
All nine analysts expect the central bank to keep interest rates on hold at 2.50 percent at its May 15 meeting.
All but one see the benchmark rate on hold at end-2019.