Inflation Madagascar 2021
Average inflation: 5.8%
Inflation in 2021
Inflation is very high at 5.8%, far above the ECB target.
Peak and Trough
The highest inflation was in August at 6.4%. The lowest inflation was in January at 5.0%.
- Highest month
- August: 6.4%
- Lowest month
- January: 5.0%
- Difference
- 1.4 percentage points
- Months with data
- 12 of 12
Historical Context
Inflation is 0.8 percentage points lower than the 5-year average of 6.6%.
- 5-year average
- 6.6%
- 10-year average
- 6.4%
- All-time high (2005)
- 18.8%
- All-time low (2003)
- -1.4%
Trend
Over the period 2019-2021, inflation has remained relatively stable. Compared to 2020, inflation has risen by 1.6 percentage points.
- Change vs. previous year
- +1.6 percentage points
- Largest monthly swing
- August: +2.4 percentage points
ECB Target
Inflation is 3.8 percentage points 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 MGA 100 this year will cost approximately MGA 106 next year at this inflation rate.
Multi-year trend
Monthly figures 2021
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2020 |
|---|---|---|
| January | 5.0% | +1.1 |
| February | 5.0% | +1.2 |
| March | 5.1% | +0.9 |
| April | 5.4% | +0.9 |
| May | 5.8% | +1.5 |
| June | 6.0% | +2.1 |
| July | 6.2% | +2.2 |
| August | 6.4% | +2.4 |
| September | 6.3% | +2.0 |
| October | 6.1% | +1.7 |
| November | 6.1% | +1.7 |
| December | 6.1% | +1.5 |
| Average | 5.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.