Inflation Madagascar 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 March at 12.4%. The lowest inflation was in September at 6.6%.
- Highest month
- March: 12.4%
- Lowest month
- September: 6.6%
- Difference
- 5.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 3.8%. The lowest price increase was in Energy with an average of 3.8%.
- Highest increase
- Energy: 3.8%
- Lowest increase
- Energy: 3.8%
Historical Context
Current inflation is 3.2% higher than the 5-year average of 6.7%.
- 5-year average
- 6.7%
- 10-year average
- 7%
- All-time high (2005)
- 18.8%
- All-time low (2020)
- 4.2%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +1.7 percentage point.
- Change vs. previous year
- +1.7 percentage points
- Largest monthly swing
- March: +6.1 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
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 11.4% | +5.4 |
| February | 11.6% | +5.3 |
| March | 12.4% | +6.1 |
| April | 12.2% | +6.0 |
| May | 11.8% | +5.4 |
| June | 11.3% | +4.4 |
| July | 8.1% | -1.7 |
| August | 6.9% | -4.1 |
| September | 6.6% | -4.8 |
| October | 10.6% | +3.2 |
| November | 8.8% | -0.4 |
| December | 7.4% | -3.5 |
| Average | 9.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.