Inflation climbs to 5.6% in September, driven by farm prices

Inflation rose to 5.6% in September 2026, the highest level since March 2025, according to the National Institute of Statistics. Food prices contributed 2.43 percentage points, or 43% of the overall increase, and core inflation excluding energy and food stood at 4.86%. Agricultural products surged 13.0% year‑on‑year, while processed food products rose 1.8%, a pattern that has persisted over the first nine months of the year.

Fruit prices led the rise, climbing 15.4% year‑on‑year, followed by vegetables at 9.7% and fish at 9.6%. Bread and grain increased 3.0%, milk, cheese and eggs 2.1%, and sugar and confectionery 4.6%. State‑regulated prices and public service tariffs, which rose 0.8% year‑on‑year, helped contain overall inflation, while manufactured goods and clothing prices rose 4.8% and 9.2% respectively.

Average inflation over the first nine months of 2026 stood at 5.25%, below the 5.50% recorded for 2025 as a whole. The trend reversed, with the annual inflation rate climbing from 4.85% in January to 5.63% in September. Since December 2025, prices have risen 4.56%, compared with 3.87% over the same period in 2025, indicating that market prices, especially for fresh produce, are driving inflation more than fuel or electricity.

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