Headline inflation increased slightly from 3.8 percent in November to 3.9 percent in December 2025, remaining within the medium-term range of 3 – 6 percent, and was higher than the 1.7 percent recorded in December 2024. The marginal increase in inflation between November and December 2025 was mainly due to the acceleration in the rate of price change for a few categories, notably Transport and Health, while for other categories of goods and services, price changes were generally constant. Similarly, the 16 percent trimmed mean inflation increased from 4.3 percent to 4.5 percent, while inflation excluding administered prices remained unchanged at 4.9 percent, between November and December 2025.
Inflation for domestic tradeables decreased from 6.4 percent to 6.2 percent between November and December 2025, mainly due to deceleration in price increases for some food items. Conversely, inflation for imported tradeables increased from 5.6 percent to 6.1 percent over the same period, mainly due to the base effects associated with decrease in domestic fuel prices on 16 December 2024. Overall, all tradeables inflation increased from 5.9 percent to 6.1 percent between November and December 2025. Meanwhile, inflation for non-tradeables was unchanged at 0.6 percent in the same period.