Inflation Rwanda 2023
Average inflation: 20.4%
Current Inflation
Inflation is very high at 20.4%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 31.1%. The lowest inflation was in December at 6.2%.
- Highest month
- January: 31.1%
- Lowest month
- December: 6.2%
- Difference
- 24.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 37.5%. The lowest price increase was in Energy with an average of 2.4%.
- Highest increase
- Food: 37.5%
- Lowest increase
- Energy: 2.4%
Historical Context
Current inflation is 10.2% higher than the 5-year average of 10.2%. This approaches the highest level since records began (20.4% in 2023).
- 5-year average
- 10.2%
- 10-year average
- 7.1%
- All-time high (2023)
- 20.4%
- All-time low (2021)
- -0.3%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +2.7 percentage point.
- Change vs. previous year
- +2.7 percentage points
- Largest monthly swing
- January: +29.8 percentage points
ECB Target
Inflation is 18.4% 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 €120.40 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 | 31.1% | +29.8 |
| February | 30.3% | +26.1 |
| March | 31.0% | +25.4 |
| April | 28.4% | +17.9 |
| May | 22.4% | +7.6 |
| June | 20.4% | +4.3 |
| July | 17.3% | -2.3 |
| August | 17.4% | -3.0 |
| September | 18.4% | -5.5 |
| October | 12.9% | -18.1 |
| November | 9.4% | -24.4 |
| December | 6.2% | -25.5 |
| Average | 20.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.