Asia-Pacific Inflation Monitor

Latest edition · September 24, 2026

Asia Pacific Inflation Monitor Renewed upward pressure from energy prices

Surging energy prices sparked by the Iran war and the closure of the Strait of Hormuz have pushed headline CPI inflation to or above central bank targets across most Asia-Pacific economies. Although upstream import and producer price pressures have accelerated, core inflation pass-through has so far remained modest.

The September 2026 Asia-Pacific Inflation Monitor highlights renewed inflation pressures driven by rising energy costs following the outbreak of the Iran war and the closure of the Strait of Hormuz. Goldman Sachs commodities strategists have raised their December Brent crude forecast to $85/bbl, while LNG and diesel prices have reached new year-to-date highs. Consequently, headline CPI inflation is now at or above targets in most regional economies, contrasting with below-target levels observed prior to the conflict. While pass-through to core inflation and wages remains relatively muted due to fiscal subsidies and price regulations, Goldman Sachs projects 2027 inflation will diverge notably from consensus, running higher in India and Malaysia while remaining lower in Japan, Vietnam, and the Philippines.

Key takeaways from the latest edition

• 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.

What this series covers

• 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

Edition archive

• Asia Pacific Inflation Monitor Renewed upward pressure from energy prices

  September 24, 2026

• Asia-Pacific Inflation Monitor Stable in June but energy prices rebounding in July

  July 27, 2026

• Asia-Pacific Inflation Monitor Oil drives headline higher

  May 28, 2026