Rwanda has reduced its 2023 GDP growth forecast to 5.8% due to the impact of floods, down from a previous projection of 6.2%. In May, floods and landslides caused the loss of over 130 lives and damaged infrastructure and crops. According to the finance ministry, it is estimated that about USD 415 mln will be needed to recover from the physical damages and economic losses. Meanwhile, the country’s annual inflation rate fell for the third consecutive month to 20.4% in June 2023, down from 22.4% in the prior month, mainly due to a further slowdown in food prices, representing the largest share of the CPI basket.