Inflation Macao 2023
Average inflation: 0.5%
Inflation in 2023
Inflation is very low at 0.5%, well below the ECB target.
Peak and Trough
The highest inflation was in December at 0.9%. The lowest inflation was in June at 0.3%.
- Highest month
- December: 0.9%
- Lowest month
- June: 0.3%
- Difference
- 0.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 2.6%. The lowest price increase was in Energy with an average of -1.5%.
- Highest increase
- Food: 2.6%
- Lowest increase
- Energy: -1.5%
Historical Context
Inflation is 0.5 percentage points lower than the 5-year average of 1.0%.
- 5-year average
- 1%
- 10-year average
- 2.2%
- All-time high (2008)
- 8.6%
- All-time low (2021)
- 0%
Trend
Over the period 2021-2023, inflation has remained relatively stable. Compared to 2022, inflation has fallen by 0.6 percentage points.
- Change vs. previous year
- -0.6 percentage points
- Largest monthly swing
- July: -1.1 percentage points
ECB Target
Inflation is 1.5 percentage points below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for MOP 100 this year will cost approximately MOP 100.50 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 | 0.8% | -0.2 |
| February | 0.4% | -0.4 |
| March | 0.4% | -0.7 |
| April | 0.4% | -0.7 |
| May | 0.4% | -0.7 |
| June | 0.3% | -1.0 |
| July | 0.3% | -1.1 |
| August | 0.5% | -0.6 |
| September | 0.3% | -0.8 |
| October | 0.6% | -0.4 |
| November | 0.6% | -0.2 |
| December | 0.9% | +0.1 |
| Average | 0.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.