October 15, 2026/Coronation Report
Summary
We project headline CPI inflation for September 2026 at 15.40% y/y, from 15.39% in August, and 0.73% m/m, from 0.71%. This would mark a pause in the disinflationary trend recorded since June, with the year-on-year rate registering its first increase in four months.
The marginal uptick in monthly inflation reflects the potential pass-through of higher energy costs to transportation and logistics, although the extent of this pressure will depend on the persistence of energy price increases and their broader impact on consumer prices.
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