Uganda’s inflation down to 10.2 percent in December

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Inflation
Inflation

A mixture in the prices of commodities with some increasing while others slowing down, pushed Uganda’s inflation for the year ending December 2022 to 10.2 percent, compared to the 10.6 percent recorded in the year ending November 2022, the country’s statistics agency said Friday.

Uganda Bureau of Statistics, in a statement issued here, said annual core inflation was registered at 8.4 percent in the year ending December 2022, compared to 8.8 percent registered in the year ending November 2022.

During the period under review, maize flour inflation increased to 95.7 percent in December 2022, compared to 94 percent in November 2022, and rice inflation was registered at 42.6 percent in December 2022, compared to 46.7 percent in November 2022.

Overall, according to the statistics agency, annual food crops and related items’ prices increased to 29.4 percent in the year ending December 2022, compared to 27.8 percent registered in the year ending November 2022.

The annual energy fuel and utilities inflation was registered at 10.6 percent in the year ending December 2022, compared to 12.2 percent registered in the year ending November 2022 due to a decline in fuel prices.

According to the country’s central bank, the Bank of Uganda, inflation remains persistently higher than the target, although there are indications that it is losing momentum and peaking.

The bank, in its State of the Economy Report December 2022 issued Friday, said the easing of inflationary pressures is a reflection of the impact of previous monetary policy decisions, diminishing effects of the supply disturbances such as global supply chain disruptions and war-induced elevation of global energy and non-energy commodities prices responsible for the recent high inflation. Enditem

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