San Marino's inflation rate is historically aligned with Italy's, given the deep degree of economic integration between the two countries. The 2022 peak of 8.7% reflected the European energy shock, followed by a gradual decline in 2023 to 5.2%.
| Year | Value (%) | YoY change | vs 2004 |
|---|---|---|---|
| 2024 | 1.24 | -79.1% | -13.3% |
| 2023 | 5.93 | +11.3% | +314.7% |
| 2022 | 5.33 | +229.0% | +272.7% |
| 2021 | 1.62 | +1346.2% | +13.3% |
| 2020 | -0.13 | -127.7% | -109.1% |
| 2019 | 0.47 | -59.5% | -67.1% |
| 2018 | 1.16 | +14.9% | -18.9% |
| 2017 | 1.01 | +57.8% | -29.4% |
| 2016 | 0.64 | +326.7% | -55.2% |
| 2015 | 0.15 | -86.5% | -89.5% |
| 2014 | 1.11 | -30.6% | -22.4% |
| 2013 | 1.6 | -43.5% | +11.9% |
| 2012 | 2.83 | -2.4% | +97.9% |
| 2011 | 2.9 | +12.0% | +102.8% |
| 2010 | 2.59 | +17.7% | +81.1% |
| 2009 | 2.2 | -48.7% | +53.8% |
| 2008 | 4.29 | +71.6% | +200.0% |
| 2007 | 2.5 | +19.0% | +74.8% |
| 2006 | 2.1 | +24.3% | +46.9% |
| 2005 | 1.69 | +18.2% | +18.2% |
| 2004 | 1.43 | — | base |
Annual percentage change in the Consumer Price Index (CPI). San Marino adopted the euro under a monetary agreement with the EU (2012): price levels are strongly influenced by ECB monetary policy. The 2022 peak (8.7%) reflects the European post-pandemic inflationary cycle.
OESM — Economic Observatory of San Marino. (2026). Inflation (CPI) — San Marino, 2004–2024 [Dataset]. Retrieved 13 April 2026 from https://oesm.net/en/data/san-marino-inflation
OESM — Economic Observatory of San Marino. "Inflation (CPI) — San Marino." Dataset. Accessed 13 April 2026. https://oesm.net/en/data/san-marino-inflation.
@dataset{oesm2026_inflation_en,
author = {OESM -- Economic Observatory of San Marino},
title = {Inflation (CPI) -- San Marino, 2004--2024},
year = {2026},
url = {https://oesm.net/en/data/san-marino-inflation},
note = {Accessed: 13 April 2026},
license = {CC BY 4.0},
}