The National Institute of Statistics of Rwanda (NISR) has released its latest Consumer Price Index (CPI) report, revealing a 5% annual increase in urban consumer prices for August 2024, compared to the same period in 2023.
On a monthly basis, urban prices also rose by 0.9% from July 2024.
The report highlights that Rwanda’s overall CPI rose by 1.7% year-on-year, with a 1.4% increase between July and August 2024. Rural CPI saw a slight annual decrease of 0.3%, but experienced a notable 1.7% increase compared to July 2024.
The rise in urban inflation was driven by key categories, such as transport, which surged by 19%, and housing, water, electricity, gas, and other fuels, which increased by 4.8% over the year.
Food and non-alcoholic beverages, which hold significant weight in the index, increased by 1.6%.
This publication serves as a critical indicator for monetary policy, offering insights into Rwanda’s economic landscape and the impact on consumer goods and services.
As inflationary pressures begin to ease compared to previous months, the annual average inflation rate between August 2024 and August 2023 stands at 6.6%, reflecting a gradual stabilization of prices.
The report also sheds light on Rwanda’s underlying inflation rate, excluding volatile fresh food and energy prices, which increased by 5.6% annually and 0.5% from July 2024, signaling continued inflationary pressure in key sectors.
As Rwanda navigates these inflationary trends, the data from the NISR provides valuable insights for policymakers and businesses alike, helping to shape decisions that will influence economic stability and growth in the months to come.
