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Global Inflation Rates 2026: Latest CPI Data and Inflation Trends by Country — September 29 Update

Sep 29, 2026 | By Team SR

Global Inflation Rate - Latest Update 2026

Global Inflation Rates 2026: Latest CPI Data and Inflation Trends by Country

Currently world is going through many circumstances in different countries. Some regions going through war and some of facing flood issues. Recently published inflation rate data on x by Charlie Bilello referred by government sources. StartupRise editorial team analysed these data and summarised in a meaningful way to present.

Below chart is broadly consistent with the latest available inflation releases, but there is an important data-timing issue: the figures are not all for August 2026. For example, Australia’s latest published CPI is July, New Zealand’s is the June quarter, while most European and Asian figures are August. Spain is particularly important because its September flash reading has moved above its August figure. So the chart should be read as “latest available CPI as of 29 September 2026,” not a same-month global snapshot.

The dominant global story in September 2026 is unusually clear: the Middle-East/Iran conflict has pushed up oil, gas, fuel and transport costs, but the impact differs enormously depending on each country's energy dependence, subsidies, exchange rate, food supply and domestic demand. OECD data also show energy inflation remaining unusually elevated. OECD+1

Country-by-country explanation

Country / region	CPI in chart	Trend	Main reasons behind the inflation
Sweden	0.3%	Higher	Very low inflation because food prices fell and domestic price pressure remains subdued. Electricity and fuel prices provided some upward pressure. Sweden's CPI rose from 0.2% in July to 0.3% in August.
China	0.8%	Higher	China remains a major low-inflation outlier. Food prices were 1.4% lower YoY, including pork down 11.8%, while housing prices fell 0.3%. Offsetting pressures came from transport, healthcare, communications and miscellaneous services.
Switzerland	0.8%	Higher	Inflation is still extremely low, but oil products, petrol/diesel, heating oil and rents pushed prices higher. The strong Swiss franc continues to limit imported inflation.
Saudi Arabia	1.8%	Unchanged	Housing is the principal driver: housing/rents rose about 3.9%. Food and transport each contributed roughly 0.3 percentage point. Saudi Arabia's domestic energy-price structure and relatively stable currency cushion much of the global energy shock.
Japan	1.9%	Unchanged	Food remains the main source of consumer-price pressure, with food excluding fresh food up 2.7%. Energy was actually down 0.7%, partly because electricity and gasoline prices fell. At the same time, labour/service costs are becoming more persistent.
Taiwan	2.0%	Lower	Inflation eased from July, but restaurant/dining prices remain sticky and core CPI was still 2.3%. Fuel and vegetable prices are potential near-term risks. Producer/import prices are much higher than consumer inflation, indicating substantial upstream cost pressure.
Finland	2.2%	Higher	Petrol, diesel and heating oil are the major inflation drivers. Core inflation was only 1.4%, showing that much of the headline increase is energy-related rather than broad domestic inflation.
Singapore	2.3%	Higher	Core inflation increased to 2.2%, driven by services, retail/other goods and food. Lower private-transport inflation partially offset those increases.
France	2.4%	Higher	Energy is overwhelmingly responsible for the acceleration: energy inflation reached 16.7%, with petroleum products particularly strong. Food rose only 1.1% and services slowed to 1.9%, so France's increase is primarily an energy shock rather than generalized overheating.
Thailand	2.5%	Higher	Higher domestic fuel prices, prepared-food prices and fresh food are driving inflation. Weather-related production disruptions have raised prices of eggs, chicken, vegetables and fruit, while stronger consumer demand has added pressure.
Germany	2.9%	Higher	Energy is the key driver. Energy prices were 10.5% higher YoY and motor fuel prices 27.7% higher. Core inflation was only 2.4%, while food inflation was just 0.1%.
Canada	3.0%	Unchanged	Transportation is the main pressure point: transportation prices rose 7.5%, compared with food at 2.8% and shelter at 1.5%. Gasoline was actually providing some downward pressure versus July, leaving headline inflation unchanged at 3.0%.
UK	3.1%	Higher	Motor fuel is the largest recent driver. Petrol prices jumped sharply in August, while housing/household services were also running at 4.3%. Services inflation remains elevated at around 3.4%.
South Korea	3.1%	Higher	The headline jump is partly misleading because of a one-off base effect in mobile-service prices. Petroleum prices were up 14.2%, while core inflation jumped to 3.4%. Without the mobile-price distortion, headline inflation would have been about 2.5%.
Indonesia	3.2%	Higher	Inflation has broadened beyond food. August headline inflation was 3.19%, while core inflation was 2.92%. Currency pressure and imported energy costs are important risks as global oil prices rise.
Eurozone	3.2%	Higher	This is principally an energy inflation story. August energy inflation was about 14.3%, while services were 3.0%. Core inflation excluding food and energy was much lower at about 2.4%.
Mexico	3.3%	Higher	Headline inflation accelerated to 3.26%, although core inflation actually eased to 3.88%. Services remain the main underlying concern, while food/energy shocks and weather effects such as El Niño pose upside risks.
Italy	3.3%	Higher	Italy's acceleration is overwhelmingly energy-driven. Regulated energy inflation rose to 18.6% and non-regulated energy to 17.0%. Core inflation was only 1.5%, showing limited underlying pressure.
Portugal	3.3%	Higher	Fuel is the major culprit. Petrol/diesel prices have risen sharply because of the Middle-East energy shock and supply disruptions. Portugal's August inflation acceleration was described as being almost entirely explained by fuel prices.
Netherlands	3.3%	Higher	Inflation rose to 3.3%. A notable contributor was the cost of international travel by Dutch residents, alongside the broader European energy shock.
Poland	3.4%	Higher	Fuel prices were the major accelerator. Petrol/diesel prices rose strongly after the earlier fuel-price support arrangements changed; services inflation was also high at 5.6%, while food prices were falling.
US	3.4%	Higher	Energy is the major headline problem: energy inflation reached 16.3% and gasoline 27.4% YoY. Shelter is still rising, while food is 2.7%. Core inflation was 2.4%, so the latest acceleration is substantially energy-related.
Australia	3.5%	Lower	The latest available CPI in the chart is July, when inflation fell from 3.8% to 3.5%. Housing was the largest contributor at 5.0%, followed by food at 3.2%. New-home construction costs, rents and electricity remain important; fuel prices were also rising.
Ireland	3.7%	Higher	Ireland has unusually strong housing/utility and education inflation. Education services were up 8.9%, housing/utilities 8.5% and transport 5.4%. Home heating oil, electricity, rents and mortgage interest were important drivers.
New Zealand	4.1%	Higher	The latest available number is June-quarter inflation. Petrol was up 27.5%, electricity 12.0%, diesel/other vehicle fuels 71%, and local-authority rates 8.8%. Transport and housing together accounted for a large share of the 4.1% rise.
Brazil	4.2%	Lower	The chart reflects August's roughly 4.2% YoY inflation, but the situation was changing quickly by September. The September IPCA-15 preview jumped to 4.47% YoY, led by a 7.42% electricity increase after the Itaipu bonus expired, plus food increases in tomatoes, rice and meat.
South Africa	4.4%	Higher	The main new shock is fuel. The Iran/Middle-East conflict pushed energy costs sharply higher, taking headline inflation to 4.4%. Services inflation is also increasing, although food prices and the rand have been relatively more stable.
India	4.8%	Higher	Food has become the biggest driver, with food inflation at 5.95%. But importantly, inflation is broadening: core inflation rose to roughly 4.2%, with clothing, household goods and education also contributing. Strong economic growth and higher crude oil prices add demand/imported-inflation pressure.
Spain	4.9%	Higher	Spain is particularly exposed to the fuel shock. Its August CPI was officially 4.3%, with transport at 9.5%, driven by fuels and lubricants; food also accelerated. The chart's 4.9% appears to reflect the later September flash/current reading, rather than the final August CPI.
Philippines	6.1%	Lower	Food, housing/utilities and transport dominate. In August, food contributed 1.8 percentage points, housing/utilities 1.6 pp and transport 1.2 pp. Transport inflation reached 13.5%, reflecting the imported-energy shock.
Russia	6.3%	Higher	The central bank identifies fuel-price movements and ruble depreciation/import prices as important factors. Underlying inflation was around 7%, while tight labour markets and still-elevated consumer demand are keeping domestic pressure alive.
Türkiye	32%	Lower	Türkiye is undergoing substantial disinflation but remains at a very high level. Official August inflation was 31.51%, close to the chart's rounded 32%. Energy and transport were major drivers, with education and communication services also contributing; food pressure was easing somewhat.
Argentina	34%	Lower	Argentina's official August inflation was 33.5% YoY, so the chart's 34% is a reasonable rounding. Monthly inflation slowed to 1.7%, but regulated prices—especially electricity, gas, public transport and healthcare—remain important. Housing/utilities rose 2.8%, while core inflation stayed around 1.8% MoM.

Critical Analysis on Inflation Rate 2026

1. The 2026 inflation shock is increasingly an energy shock

The most striking common factor is energy. In the euro area, energy inflation was about 14.3%, while Germany recorded energy inflation of 10.5%, France 16.7%, Italy roughly 17–19%, and the US 16.3%. European Commission+4

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That explains why countries with otherwise subdued core inflation can suddenly show higher headline CPI.

2. Europe has a much more synchronized inflation impulse

The eurozone moved from 2.9% in July to 3.2% in August, with energy accounting for most of the increase. Services inflation actually declined somewhat. European Commission+1

This means the current European inflation problem is not primarily a broad wage-price spiral. It is initially a commodity/energy shock that could eventually spread into services, wages and business costs if it persists.

3. Countries are split into two very different groups

Low inflation: China, Switzerland, Sweden, Japan and Taiwan.

Higher/accelerating inflation: India, Philippines, Indonesia, South Korea and Thailand.

A major dividing line is currency and import dependence. Economies with weaker currencies or current-account vulnerabilities are more exposed to imported energy inflation. Reuters' regional analysis specifically highlights India, Indonesia and the Philippines as vulnerable to currency depreciation and imported inflation. Reuters

4. Food is becoming the key issue for India and several emerging markets

India is particularly important because the inflation increase is no longer purely food-related: food inflation reached 5.95%, but core inflation also moved above 4%. That suggests a broader transmission from food/energy into other goods and services. Press Information Bureau+1

The Philippines shows a different version: food + housing + transport account for most of the headline rate. Philippine Statistics Authority

5. The US is different from Europe despite the same energy shock

US inflation is 3.4%, but core CPI is only 2.4%. Energy is doing a disproportionate amount of the work: energy prices were up 16.3% YoY. Bureau of Labor Statistics

That is an important distinction: headline inflation is considerably worse than underlying inflation.

6. Turkey and Argentina demonstrate that "lower inflation" does not mean "low inflation"

Both are moving in the right direction in the sense that the annual rate is declining, but their price levels are still rising extremely rapidly.

Türkiye: about 31.5% YoY.
Argentina: about 33.5% YoY.

So the green "Lower" label in the chart should be interpreted as lower than before, not as low inflation. TCMB+1

The most important takeaway

I would divide the 31 observations into four inflation regimes:

Very low / contained: Sweden, China, Switzerland, Saudi Arabia, Japan, Taiwan, Finland, Singapore.
Moderate but energy-driven: France, Thailand, Germany, Canada, UK, South Korea, Indonesia, Eurozone, Mexico, Italy, Portugal, Netherlands, Poland, US.
Higher domestic + imported pressure: Australia, Ireland, New Zealand, Brazil, South Africa, India, Spain, Philippines, Russia.
Very high but disinflating: Türkiye and Argentina.

The key question going into Q4 2026 is therefore not simply "is inflation rising?" It is whether today's energy shock remains concentrated in fuel/electricity or begins to feed into