Headline inflation decreased slightly from 3.9 percent in October to 3.8 percent in November 2025, remaining within the medium-term range of 3 – 6 percent, and was higher than the 1.7 percent recorded in November 2024. The decrease in inflation between October and November 2025 was mainly due to the deceleration in the annual price changes of some categories of goods and services, notably Communication, Recreation & Culture and Transport. Similarly, the 16 percent trimmed mean inflation decreased from 4.5 percent to 4.3 percent, while inflation excluding administered prices increased slightly from 4.8 percent to 4.9 percent, between October and November 2025.
Inflation for domestic tradeables increased from 6 percent to 6.4 percent between October and November 2025, mainly due to the rise in prices for certain food items. Inflation for imported tradeables decreased from 6 percent to 5.6 percent over the same period, partly due to a fall in fuel prices. Overall, all tradeables inflation decreased slightly from 6 percent to 5.9 percent between October and November 2025. Meanwhile, inflation for non-tradeables decreased slightly, from 0.7 percent to 0.6 percent in the same period.