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 2010 |
|---|---|---|---|
| 2023 | 5.2 | -40.2% | +147.6% |
| 2022 | 8.7 | +262.5% | +314.3% |
| 2021 | 2.4 | +2500.0% | +14.3% |
| 2020 | -0.1 | -116.7% | -104.8% |
| 2019 | 0.6 | -53.8% | -71.4% |
| 2018 | 1.3 | +44.4% | -38.1% |
| 2017 | 0.9 | +550.0% | -57.1% |
| 2016 | -0.2 | -300.0% | -109.5% |
| 2015 | 0.1 | -83.3% | -95.2% |
| 2014 | 0.6 | -53.8% | -71.4% |
| 2013 | 1.3 | -55.2% | -38.1% |
| 2012 | 2.9 | +3.6% | +38.1% |
| 2011 | 2.8 | +33.3% | +33.3% |
| 2010 | 2.1 | — | 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, 2010–2023 [Dataset]. Retrieved 12 March 2026 from https://oesm.net/en/data/san-marino-inflation
OESM — Economic Observatory of San Marino. "Inflation (CPI) — San Marino." Dataset. Accessed 12 March 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, 2010--2023},
year = {2026},
url = {https://oesm.net/en/data/san-marino-inflation},
note = {Accessed: 12 March 2026},
license = {CC BY 4.0},
}