NATIONAL BANK OF RWANDA

Consumer Price Index, August 2023

In August 2023, the Rwandan urban consumer price index increased by 0.9% month-on-month, the previous month was stable. Year-on-year, inflation stood at 12.3% higher than an increase of 11.9% recorded in July 2023.

Compared to the previous month, prices of local goods and services increased by 13.3% y-o-y, higher than an increase of 13% y-o-y recorded in July 2023 while prices for imported goods increased by 9.3% y-o-y, which is higher than an increase of 8.4% y-o-y of July 2023.

On monthly basis, the inflation increased by 0.9% in August 2023, the previous month was stable. This was due to hike of inflation pressures of ‘Food and non-alcoholic beverages inflation which increased by 1.8% month on month in August 2023 from an increase of 0.1% in July 2023.

Year-on-year, consumer price index increased by 12.3% in August 2023 compared to 11.9% increase in July 2023 due to increase of inflationary pressures from Food and non-alcoholic beverages which increased by +24.6% y-o-y higher than an increase of +22.8% y-o-y of July 2023 as well as Alcoholic beverages and tobacco which increased by +12.2% y-o-y lower than an increase of +14.3% y-o-y of July 2023. 

Excluding fresh food products and energy, consumer price index increased by 8.4% y-o-y in August 2023, which is slightly lower than 8.5% y-o-y of July 2023. Fresh products increased by 29.8% y-o-y in August 2023, which is higher compared to an increase of 27.4% y-o-y of July 2023. Energy prices increased by 3.2% y-o-y in August 2023, which is lower than an increase of 3.8% y-o-y of July 2023.