Inflation Trinidad and Tobago 2023
Average inflation: 4.7%
Inflation in 2023
Inflation is high at 4.7%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 8.3%. The lowest inflation was in December at 0.7%.
- Highest month
- January: 8.3%
- Lowest month
- December: 0.7%
- Difference
- 7.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 12.4%. The lowest price increase was in Core inflation with an average of 3.9%.
- Highest increase
- Energy: 12.4%
- Lowest increase
- Core inflation: 3.9%
Historical Context
Inflation is 1.9 percentage points higher than the 5-year average of 2.8%.
- 5-year average
- 2.8%
- 10-year average
- 3.1%
- All-time high (2008)
- 12%
- All-time low (2020)
- 0.6%
Trend
Over the period 2021-2023, inflation shows an upward trend. Compared to 2022, inflation has fallen by 1.1 percentage points.
- Change vs. previous year
- -1.1 percentage points
- Largest monthly swing
- December: -8.0 percentage points
ECB Target
Inflation is 2.7 percentage points 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 TTD 100 this year will cost approximately TTD 104.70 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 | 8.3% | +4.5 |
| February | 7.6% | +3.4 |
| March | 7.3% | +3.2 |
| April | 6.0% | +0.9 |
| May | 5.7% | +0.8 |
| June | 5.8% | +0.9 |
| July | 4.7% | -1.2 |
| August | 4.0% | -2.3 |
| September | 3.9% | -2.3 |
| October | 1.3% | -6.3 |
| November | 1.1% | -6.9 |
| December | 0.7% | -8.0 |
| Average | 4.7% |
Data source
Data from WorldBank. Last updated: 06/01/2026.