November 17, 2025/Coronation Report

Summary

Headline inflation extended its downward trajectory for the seventh consecutive month, moderating to 16.05% y/y in September, a 197bps decline from 18.02% in the prior month. Meanwhile on a month-on-month basis, headline inflation edged up by 21bps to 0.93% from 0.72% in September, reversing the previous two months of consecutive deceleration.

The uptick was primarily driven by sticky core inflation amid a rebound in food prices growth, which tempered the monthly disinflationary momentum.

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