The region’s monthly Energy Inflation registered a decrease in November 2025, falling from 0.19% in October to −0.04% in November. This behavior is explained mainly by the fact that 11 of the 20 countries analyzed showed a reduction in the indicator, in a context where several countries implemented regulatory measures aimed at stabilizing electricity prices. Additionally, the region benefited from the drop in international oil prices, driven by greater global supply in the second half of 2025, which reduced fuel import costs for both the transportation sector and thermal power generation.
On the other hand, although a rebound in the price of natural gas was observed in North America toward November, associated with increased demand and seasonal weather conditions, this factor exerted only partial upward pressure in LAC; the combined effects of the drop in oil prices and tariff measures prevailed broadly, generating a net downward impact in the region, mainly due to the weight that oil-derived fuel prices and electricity prices carry in the energy basket.
In contrast, total monthly inflation showed an effect opposite to that of energy inflation, with an increase of 0.32% in November 2025, indicating that the rise was driven by items other than energy, such as the food, goods, and services components, which carry greater weight in the index.
Figure 2 shows that the international oil price index maintained a predominantly downward trend throughout 2025 due to greater supply and the accumulation of global inventories, with declines that helped ease LAC’s energy inflation, especially in the second half of 2025.
On the other hand, the natural gas price index shows periods of recovery in mid-2024 and part of 2025, and a rebound in November 2025 due to a seasonal increase in demand and greater LNG activity in the United States, which tends to push up electricity tariffs in gas-dependent systems. However, this boost was not enough to reverse the drop in the energy inflation index in November 2025, which reached a negative value.
Regarding the mineral coal price index, the trend has been downward throughout the analysis period, with some stabilization toward the second half of 2025. In the international context, prices showed year-over-year adjustments, reaching negative values at the end of 2025, which also held down
generation costs in matrices with a share of thermal generation from mineral coal.
In general terms, Figure 2 shows that LAC’s energy inflation index decouples from the volatility experienced by oil, natural gas, and mineral coal, although it follows the downward trend of oil in the second half of 2025. The specific rise in natural gas at the end of 2025 did not prevent energy inflation from closing with a negative value at the end of November 2025.
