Inflation Grenada 2023
Average inflation: 2.7%
Current Inflation
Inflation is normal at 2.7%, around the ECB target.
Peak and Trough
The highest inflation was in January at 3.8%. The lowest inflation was in July at 1.7%.
- Highest month
- January: 3.8%
- Lowest month
- July: 1.7%
- Difference
- 2.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 7.7%. The lowest price increase was in Energy with an average of 0.9%.
- Highest increase
- Food: 7.7%
- Lowest increase
- Energy: 0.9%
Historical Context
Current inflation is 1.4% higher than the 5-year average of 1.3%.
- 5-year average
- 1.3%
- 10-year average
- 0.8%
- All-time high (2008)
- 8%
- All-time low (2014)
- -1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +0.1 percentage point.
- Change vs. previous year
- +0.1 percentage points
- Largest monthly swing
- February: +2.1 percentage points
ECB Target
Inflation is 0.7% 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 €102.70 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 | 3.8% | +2.0 |
| February | 3.8% | +2.1 |
| March | 3.7% | +1.9 |
| April | 3.4% | +1.4 |
| May | 3.2% | +1.0 |
| June | 2.2% | -0.9 |
| July | 1.7% | -1.5 |
| August | 1.7% | -1.6 |
| September | 2.3% | -0.8 |
| October | 2.5% | -0.3 |
| November | 2.0% | -0.9 |
| December | 2.2% | -0.7 |
| Average | 2.7% |
Data source
Data from WorldBank. Last updated: 06/01/2026.