Rwanda Annual Inflation Accelerates Further

Rwanda’s annual inflation rate rose to 13.8% in July 2026 from 12.7% in June, marking the highest level since September 2023 and the fourth consecutive monthly increase. The acceleration was mainly driven by higher inflation for food (12.6% vs 8%), particularly vegetables (17.3% vs 11.8%), as well as furnishings (10.4% vs 10.2%) and education (11.8% vs 11.3%). Meanwhile, inflation eased for housing and utilities (20.5% vs 23.3%), transport (27.5% vs 29.1%), alcoholic beverages and tobacco (11% vs 13.5%), restaurants and hotels (12.8% vs 13.4%), health (2.5% vs 6.5%) and clothing and footwear (2.8% vs 4.7%). On a monthly basis, consumer prices rose 0.3%, slowing from 0.4% in June.

Rwanda's annual inflation rate rose for the third month to 12.7% in June 2026, the highest level since October 2023, up from May's 12.3%. Prices climbed further for transportation (29.1% vs 28% in May); housing & utilities (23.3% vs 21.8%); recreation & culture (11.3% vs 8.5%) and food & non-alcoholic beverages (8% vs 7.6%), especially meat (14.7%) and vegetables (11.8%). At the same time, prices remained elevated for health (65%); alcoholic beverages & tobacco (13.5%); restaurants & hotels (13.4%); education (11.3%), furnishings & household equipment (10.2%) and miscellaneous goods & services (9.2%). On a monthly basis, the CPI rose by 0.4%, after a 0.6% increase in the month before.

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.