The national Consumer Price Index (CPI) rose 0.8% year-on-year in December 2025, up from 0.7% in November, marking the sixth consecutive month of accelerating inflation since July’s low of -0.4%. On a month-on-month basis, prices increased by 0.2%, consistent with the previous month’s gain, suggesting sustained but moderate upward price pressure heading into the new year. The steady climb in annual figures reflects a broadening recovery in consumer demand and persistent cost factors across key sectors.

Underlying components reveal a mixed but generally firming trend. Non-food prices advanced 0.8% year-on-year, matching overall CPI growth, while goods prices climbed 1.0%, driven by strong gains in categories such as clothing (up 1.7%) and medical care (up 1.8%). Notably, “other goods and services” surged 17.4% annually, indicating elevated pricing in niche or essential service areas. In contrast, transportation and communication costs continued to drag on inflation, falling 2.6% year-on-year due to lower fuel and vehicle expenses. Housing costs remained slightly negative, down 0.2%, reflecting ongoing softness in shelter-related inflation.

Core CPI, which excludes volatile food and energy items, rose 1.2% year-on-year and 0.2% month-on-month—its strongest annual reading in the past six months—signaling entrenched underlying inflationary momentum. Meanwhile, service inflation remained modest at 0.6% year-on-year, with no month-on-month change, suggesting labor-cost pressures have yet to accelerate significantly. The divergence between strong core and goods inflation versus weak transportation and housing trends points to a complex inflation landscape. However, the consistent rise in headline and core measures since mid-2025 suggests the disinflationary phase has ended, with policymakers likely to maintain a cautious stance on potential rate adjustments in early 2026.