Botswana’s inflation rate rose to 10.7% in May 2026, up from 10.3% in April. This was largely in line with expectations – our forecast had been for inflation to rise to 10.9%. Transport costs remain the major driver of rising inflation, alongside a significant increase in prices for alcoholic beverages and tobacco products. Our forecast is that inflation will continue to rise, with a projection of 11.0% for June. Further ahead, inflation developments will be mainly dependent on movements in global fuel prices