Headline inflation increased significantly from 1.4 percent in August to 3.7 percent in September 2025, reverting to the medium-term objective range of 3 – 6 percent, and was higher than the 1.5 percent recorded in September 2024. The increase in inflation between August and September 2025 was mainly due to the upward adjustment in domestic fuel prices implemented on 15 September 2025, which added 0.93 percentage points to inflation. The increase was also driven by the base effect associated with the decrease in fuel prices on 11 September 2024, which had lowered inflation by 0.8 percentage points at the time. Furthermore, inflation increased due to the acceleration in the annual price changes of some categories of goods and services, notably Transport and Alcoholic Beverages & Tobacco. This is mainly due to price pressures stemming from the recent adjustment of exchange rate parameters. Similarly, the 16 percent trimmed mean inflation and inflation excluding administered prices increased from 1.6 percent and 3.9 percent to 4.2 percent and 4.5 percent, respectively, between August and September 2025.
Inflation for domestic tradeables increased from 4.6 percent to 5.4 percent between August and September 2025, mainly due to the rise in prices for certain food items. Similarly, inflation for imported tradeables increased from 1.1 percent to 5.9 percent over the same period, primarily due to higher fuel prices following the adjustment implemented on 15 September 2025. As a result, all tradeables inflation increased from 2 percent to 5.8 percent between August and September 2025. Meanwhile, inflation for non-tradeables increased slightly, from 0.4 percent to 0.6 percent in the same period.