NATIONAL BANK OF RWANDA

Consumer Price Index, May 2024

In May 2024, the Rwandan Urban Consumer Price Index decreased by -0.02% month-on-month, from an increase of 1.4% of the previous month. Year-on-year, inflation stood at 5.8% higher than an increase of 4.5% recorded in April 2024.
Compared to the previous month changes, in May 2024 prices of local goods and services increased by 4.3% y-o-y, higher than an increase of 2.5% y-o-y recorded in April 2024 while prices for imported goods increased by 10.6% y-o-y, which is lower than an increase of 11.0% y-o-y of April 2024.

On a monthly basis, inflation decreased by -0.02% in May 2024, from an increase of 1.4% of the previous month.
Year-on-year, Consumer Price Index increased by 5.8% in May 2024 compared to 4.5% increase in April 2024 due to inflation pressures from Transport services which increased by 24.7% compared to an increase of 24.2% of previous month and Food and non-alcoholic beverages increased by 4.7% higher than an increase of 1.6% of April 2024.

Excluding fresh food products and energy, the consumer price index increased by 6.7% y-o-y in May 2024, which is slightly higher than 6.6% y-o-y of April 2024. Fresh products increased by 3.2% y-o-y in May 2024, compared to a decrease of 1.6% y-o-y of April 2024. Energy prices increased by 5.8% y-o-y in May 2024, which is higher than an increase of 4.0% y-o-y of April 2024.