FX.co ★ Rwanda Inflation Rate Accelerates for 2nd Month

Rwanda’s annual inflation rate rose to 12.3% in May 2026, its highest level since October 2023, up from 11.5% in April. The increase was driven mainly by higher prices in transportation (28% vs 26.6% in April), housing and utilities (21.8% vs 22.8%), and food and non-alcoholic beverages (7.6% vs 5.8%). Prices also remained elevated across other CPI components, including alcoholic beverages and tobacco (14.2%), restaurants and hotels (15.1%), education (11.3%), recreation and culture (8.5%), and health (65.3%), among others. Core inflation accelerated to 9.2% in May, the highest since January 2024, up from 8.7% in April. On a monthly basis, the consumer price index increased by 0.6% in May, a sharp slowdown from the 5.9% rise recorded in the previous month.