Yeah something doesn't add up, they don't really have the highest debt-to-GDP ratio at like 53% so their debt burdens can't be driving the deflation that much, might be how they decide on their basket or something, found this world bank article about it

I know they were heavily reliant on tourism, which got crushed and never really hit the heights of prior to 2019, so that capital drying up could still have been working through the system as markets adjusted

But I am really thumb-sucking at this point,