Publication date:
Dec 03, 2025
IMF Data Brief: World and Regional Inflation
Downward Trend in Annual Inflation Levels Off
World and Country Group CPI Aggregates, September 2025
Contributors: Ragnhild Nygaard, Huong Lan Vu
The downward trend in inflation has started to level off. In September 2025, annual global inflation, as measured by the 12-month change rate in consumer prices across all economies, stood at 3.6 percent, in line with inflation recorded in August and July 2025. Global inflation peaked at 9.6 percent in September 2022 and had been declining since.
This levelling off is experienced by both advanced economies (AEs) and emerging and developing economies (EMDEs). In AEs, inflation has been steady around 2.5 percent over several months and slightly increased in September to 2.7 percent (2.8 percent for G7 economies). In EMDEs, disinflation started later than in AEs. This decoupling subsided after mid-2024, and inflation in EMDEs has now stabilized, albeit at a higher level-3.9 percent in September.
Across regions, a similar leveling off of the disinflationary trend is notable, with inflation either stable compared to recent months (Europe) or picking up modestly in Asia (3.0 percent), Oceania (3.1 percent) and the Americas (3.6 percent). Only Africa continued to experience a substantial reduction in inflation, from a higher level, down to 7.6 percent. Despite clear regional trends, country specific differences persist.
Notes: The inflation estimates are published approximately 2 months after the reference period. Our release includes September 2025 data, before the October 2025 US shutdown. The aggregated annual inflation is calculated using a geometrically weighted average of officially disseminated indexes, with annual PPP-adjusted GDP lagged by one year as weights. Coverage includes 165 economies worldwide, 46 in Africa, 33 in the Americas, 39 in Asia, 41 in Europe and 6 in Oceania. All aggregates are benchmarked to the WEO annual rates for 2024 and prior years, except for regional and G20 estimates since WEO does not produce those.
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