On a monthly basis, the overall CPI decreased by 0.9 percent in January 2024 compared to December 2023, increased by 2.7 percent in February 2024 compared to January 2024, and increased by 0.7 percent in March 2024 compared to February 2024. The February inflation was the first monthly increase in four months (since November 2023) and the highest monthly inflation since October 2023, mostly due to increases in vegetables (9.5%), milk products and eggs (2.8%), and meat (2.4%).
Looking at annual changes, the overall CPI increased by 3.1 percent in January 2024 compared to January 2023, followed by a 3.2 percent increase in February 2024 compared to February 2023. The overall CPI slightly increased by 0.6 percent in March 2024 compared to March 2023, and this was the lowest annual inflation since January 2022.
This annual inflation recorded in the first quarter was within the National Bank of Rwanda (NBR) target range of keeping the inflation between 2 and 8 percent. It was mainly a result of season 2024 A harvests, consecutive monetary policy tightening by NBR, and a declining trend in the prices of some international commodities. The production of staple commodities like cereals, tubers, and roots was favorable and above last year’s production (season 2023 A) due to above-normal rainfall recorded between September and November 2023.
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