Inflation Uganda 2023
Average inflation: 5.5%
Current Inflation
Inflation is very high at 5.5%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 10.4%. The lowest inflation was in October at 2.4%.
- Highest month
- January: 10.4%
- Lowest month
- October: 2.4%
- Difference
- 8.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Core inflation with an average of 13.4%. The lowest price increase was in Energy with an average of 3.5%.
- Highest increase
- Core inflation: 13.4%
- Lowest increase
- Energy: 3.5%
Historical Context
Current inflation is 1.3% higher than the 5-year average of 4.2%.
- 5-year average
- 4.2%
- 10-year average
- 3.9%
- All-time high (2022)
- 7.2%
- All-time low (2021)
- 2.2%
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
- October: -8.3 percentage points
ECB Target
Inflation is 3.5% 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 €105.50 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 | 10.4% | +7.7 |
| February | 9.2% | +6.0 |
| March | 9.0% | +5.3 |
| April | 8.0% | +3.1 |
| May | 6.2% | -0.1 |
| June | 4.9% | -1.9 |
| July | 3.9% | -4.0 |
| August | 3.5% | -5.5 |
| September | 2.7% | -7.3 |
| October | 2.4% | -8.3 |
| November | 2.6% | -8.0 |
| December | 2.6% | -7.6 |
| Average | 5.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.