According to the latest report prepared by the Latin American and Caribbean Energy Organisation (OLACDE), monthly energy inflation in Latin America and the Caribbean (LAC) reached 0.21% in September 2025. Of the 20 countries analysed in the region, 12 recorded positive variations in energy price indices (increases), 6 showed negative variations (declines), and 2 registered no change.
With regard to total monthly inflation, it reached 0.38%, doubling the figure recorded in August and returning to levels similar to those observed at the beginning of the year. See Figure 1.
Annual energy inflation reversed its trend after three consecutive months of decline and increased in September, reflecting growth in the energy basket price index. Nevertheless, in September 2025 it stood at 1.31%, a figure slightly lower than that recorded in September 2024 (1.62%).
Meanwhile, annual total inflation also increased, rising from 3.64% in August to 4% in September, indicating an acceleration in overall price indices. See Figure 2.
Year-on-year energy inflation in OECD countries rose sharply from 0.82% in August to 3.14% in September 2025. In LAC, energy inflation also increased, though to a lesser extent, moving from 0.77% in August to 1.31% in September 2025.
After six consecutive months in which year-on-year energy inflation in the OECD remained below that recorded in LAC, OECD figures exceeded those of LAC for the second consecutive month.
In September 2025, the gap widened significantly, with OECD energy inflation at 3.14% compared to 1.31% in LAC, versus 0.82% in the OECD and 0.77% in LAC in August 2025. This reflects a higher growth rate in energy basket price indices in OECD countries during the month.
Figure 4 shows that the international oil price index recorded a slight decline of -0.4%, while the natural gas price index increased by a similar magnitude, 0.5%. These movements likely explain the change in LAC energy inflation from 0% in August to 0.21% in September.
The accompanying table presents the monthly change in the WTI price, which in September 2025 posted a negative variation of -1.39%, significantly smaller than the decline recorded in August 2025 (-5.16%). This deceleration helps explain the evolution of energy price indices.
