Inflation Barbados 2023
Average inflation: 9.9%
Current Inflation
Inflation is very high at 9.9%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 12.7%. The lowest inflation was in December at 4.2%.
- Highest month
- February: 12.7%
- Lowest month
- December: 4.2%
- Difference
- 8.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 21.7%. The lowest price increase was in Energy with an average of 2.2%.
- Highest increase
- Food: 21.7%
- Lowest increase
- Energy: 2.2%
Historical Context
Current inflation is 3.9% higher than the 5-year average of 6.0%. This approaches the highest level since records began (9.9% in 2023).
- 5-year average
- 6%
- 10-year average
- 4%
- All-time high (2023)
- 9.9%
- All-time low (2015)
- -1.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +0.2 percentage point.
- Change vs. previous year
- +0.2 percentage points
- Largest monthly swing
- December: -8.3 percentage points
ECB Target
Inflation is 7.9% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €109.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 12.2% | +7.4 |
| February | 12.7% | - |
| March | 11.9% | +2.6 |
| April | 10.4% | -0.4 |
| May | 10.3% | -1.6 |
| June | 10.0% | -1.5 |
| July | 9.4% | -1.9 |
| August | 11.1% | +2.6 |
| September | 11.1% | +4.5 |
| October | 9.5% | +1.1 |
| November | 5.6% | -5.7 |
| December | 4.2% | -8.3 |
| Average | 9.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.