14/09/2026

Inflation movements in August 2026

SORS data indicate that y-o-y inflation stood at 2.2% in August, continuing to move below the midpoint value of the NBS target of 3%. A mild acceleration relative to July is primarily a result of the prolonged energy shock and elevated global oil prices.

On a m-o-m basis, consumer prices increased by 0.5% in August, with an equal contribution coming from a hike in the prices of petroleum products, products and services within core inflation, and the prices of fresh meat.

As for food, unprocessed food prices recorded 1.3% m-o-m growth, almost entirely owing to the increase in the prices of fresh meat (4.7%). The prices of fresh vegetables rose negligibly (0.2%), while the prices of fresh fruit continued down (2.7% in August). Processed food prices stayed unchanged, on average. Relative to August last year, the prices of food and non-alcoholic beverages declined by 6.3% on average, along with a y-o-y decrease in the prices of both unprocessed (-12.7%) and processed food (-2.8%).

Influenced by the increase in the prices of petroleum products (3.1%), energy prices went up by 1.3% m-o-m, while in y-o-y terms, energy prices picked up to 11.0% in August.

The prices of products and services within core inflation recorded monthly growth of 0.4%, driven by the seasonal hike in the prices of tourist travel packages, some services and household chemicals. Y-o-y, core inflation measured 4.7% in August.

The current projection is that y-o-y inflation will continue to move within the target tolerance band until the end of the projection horizon, i.e. over the next two years. In September, inflation is expected to rise to around 4% primarily due to the low base from last September reflecting the implementation of the decree on capping wholesale and retail sale margins, and partly due to the effects of continued rise in the prices of global energy and other primary commodities.

Governor’s office