Harmonized inflation came in at 12.1% in September, which was up from August’s 11.2%. September’s figure marked the highest inflation rate on record. Looking at the details of the release, housing and utilities prices rose at a quicker pace in September compared to the previous month, while price pressures for transportation eased.
Annual average harmonized inflation rose to 8.1% in September (August: 7.2%). Meanwhile, consumer price inflation rose to 12.0% in September, from the previous month’s 11.4%.
Lastly, harmonized consumer prices rose 3.0% from the previous month in September, swinging from August’s 0.19% drop. September’s uptick marked the highest reading since September 2011.
Our panel sees harmonized inflation averaging 4.6% in 2023, which is up 0.6 percentage points from last month’s estimate. In 2024, our panel sees harmonized inflation averaging 1.8%.