Asia-Pacific Inflation Monitor: Renewed Upward Pressure from Energy Prices – Goldman Sachs Report

Key Takeaways

• 1.Energy prices have surged again following the onset of the Iran war, the closure of the Strait of Hormuz, and supply disruptions, leading GS commodities strategists to raise their Brent oil forecast to $85/bbl for December.
• 2.Headline and core CPI inflation have shifted from being broadly at or below central bank targets prior to the conflict to now sitting at or above target across most Asia-Pacific economies.
• 3.Second-round pass-through to core CPI remains limited so far, as median regional core inflation has ticked up only slightly and wage inflation remains stable across developed markets.

Table of Contents

• The Energy Price Shock
• Regional inflation summary
• Mainland China
• South Korea
• Taiwan
• India
• Indonesia
• Malaysia
• Philippines
• Thailand
• Vietnam
• Japan
• Hong Kong
• Singapore
• Australia
• New Zealand

Report data

Consumer Prices (year-over-year) and Central Bank Targets

Reports in this series

Asia-Pacific Inflation Monitor is shown in chronological order through this edition, published on September 24, 2026.

Part of the Asia-Pacific Inflation Monitor series — view all 3 editions

1. May 28Asia-Pacific Inflation Monitor Oil drives headline higher
2. Jul 27Asia-Pacific Inflation Monitor Stable in June but energy prices rebounding in July