Inflation Rate (CPI): San Marino

Analysis# San Marino Inflation Rate (CPI) San Marino's inflation rate stands at 2% in 2026, representing a substantial recovery from the unprecedented spike of 5.9% in 2023. The current level sits well below the all-time peak but well above the deflationary low of -0.1% recorded in 2020. Since 2003, the country has experienced cumulative inflation of 53.8%, reflecting long-term price increases across the economy. The most dramatic shift occurred between 2022 and 2023, when inflation surged from 5.3% to 5.9%—a consequence of regional energy and supply chain pressures. The sharp correction beginning in 2024, dropping to 1.2%, signals easing price pressures. Current projections suggest inflation will stabilize in the 2% range through 2026, indicating the Central Bank's inflation management has successfully cooled excess demand while maintaining price stability.