Inflation Cape Verde 2023
Average inflation: 3.8%
Current Inflation
Inflation is high at 3.8%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 7.4%. The lowest inflation was in November at 1.3%.
- Highest month
- January: 7.4%
- Lowest month
- November: 1.3%
- Difference
- 6.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 9.0%. The lowest price increase was in Energy with an average of 2.0%.
- Highest increase
- Food: 9.0%
- Lowest increase
- Energy: 2.0%
Historical Context
Current inflation is 0.7% higher than the 5-year average of 3.1%.
- 5-year average
- 3.1%
- 10-year average
- 1.6%
- All-time high (2022)
- 7.9%
- All-time low (2016)
- -1.4%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -4.1 percentage point.
- Change vs. previous year
- -4.1 percentage points
- Largest monthly swing
- November: -6.7 percentage points
ECB Target
Inflation is 1.8% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.4% | +0.8 |
| February | 7.3% | +0.2 |
| March | 5.6% | -2.0 |
| April | 4.8% | -2.8 |
| May | 3.8% | -4.0 |
| June | 3.5% | -4.7 |
| July | 2.6% | -6.4 |
| August | 2.9% | -5.7 |
| September | 2.6% | -6.1 |
| October | 2.0% | -6.2 |
| November | 1.3% | -6.7 |
| December | 1.3% | -6.3 |
| Average | 3.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.