Headline inflation eased from 9.3 percent in August 2026 to 7.8 percent in September 2026, remaining above the medium-term objective range of 3 – 6 percent, and was well above the 3.7 percent recorded in September 2025. The decrease in inflation between August and September primarily reflects the base effects associated with the upward adjustment in domestic fuel prices implemented on 15 September 2025, which added 0.93 percentage points to headline inflation. Meanwhile prices were stable for most categories of goods and services. The 16 percent trimmed mean inflation also decreased from 8.3 percent to 7.4 percent, while inflation excluding administered prices decreased from 5.9 percent to 5.3 percent between August and September 2026.
Inflation for domestic tradeables decreased from 7.2 percent to 5.8 percent between August and September 2026, in part, due to the deceleration in the annual price changes in prices of some food items. Likewise, inflation for imported tradeables decreased from 13 percent to 9.9 percent over the same period, mainly due to the base effects associated with the upward adjustment in domestic fuel prices implemented on 15 September 2025. Overall, all tradeables inflation decreased from 11.4 percent to 8.8 percent between August and September 2026. Meanwhile, inflation for non-tradeables decreased marginally from 6.2 percent to 6.1 percent in the same period.