Rwanda Inflation Rate Accelerates for 2nd Month

Rwanda's annual inflation rate quickened further to 12.3% in May 2026, a fresh high since October 2023, up from 11.5% in April. The main upward pressure came from prices of transportation (28% vs 26.6% in April); housing & utilities (21.8% vs 22.8%) and food & non-alcoholic beverages (7.6% vs 5.8%). At the same time, prices remained elevated for other CPI items, including alcoholic beverages & tobacco (14.2%); restaurants & hotels (15.1%); education (11.3%); recreation & culture (8.5%); health (65.3%), among others. The core inflation rate accelerated to 9.2% in May, the highest since January 2024, from 8.7% in the prior month. On a monthly basis, the CPI rose by 0.6% in May, down sharply from a 5.9% advance in the month before.

Rwanda's annual inflation rate accelerated to 11.5% in April 2026 from 7.7% in the previous month. It was the highest level since October 2023, with food and non-alcoholic beverages rising at the fastest pace in nine months (5.8% vs 4.6% in March), mainly driven by meat, non-alcoholic beverages, and bread and cereals. Inflation also accelerated for transport (26.6% vs 6.5%); housing, water, electricity, gas, and other fuels (22.8% vs 10.6%); clothing and footwear (4.6% vs 4.3%); alcoholic beverages and tobacco (15.6% vs 13.8%); and miscellaneous goods and services (7.7% vs 5.5%). The core inflation rate accelerated to 8.7% in April from 8.0% in the preceding month, marking the fastest increase since January 2024. On a monthly basis, the CPI rose by 5.7%, following a 1.7% increase in March, marking the fastest pace since the data series began in 2009.

Rwanda's inflation rate was at 7.7% in March 2026, down slightly from an eight-month high of 7.9% recorded in February. Prices slowed a bit for some CPI categories, including food & non-alcoholic beverages (4.6% vs 5.2% in February); alcoholic beverages & tobacco (13.8% vs 15.9%); clothing & footwear (4.3% vs 4.9%); transport (6.5% vs 7.1%) and restaurants & hotels (18.1% vs 18.8%). On a monthly basis, the CPI rose by 1.7%, the fastest pace in nearly a year, accelerating from a 1.2% rise in February. The main upward contributions came from food and non-alcoholic beverages (2.4%), housing and utilities (2.3%), recreation and culture (1.6%), and restaurants and hotels (1.4%).