Ugandan inflation rate surges to 28.3 per cent
Posted 10/02/11
KAMPALA, Uganda_Uganda’s year-on-year inflation rate leapt to 28.3 per cent in September from 21.4 per cent a month earlier, the highest level since January 1993, on the back of food prices, the Uganda Bureau of Statistics (UBOS) said last Thursday.
Analysts said the bigger-than-expected inflation jump increased the chances the Bank of Uganda would raise its benchmark-lending rate next Tuesday for the third month in a row since it was first launched in July.
UBOS said the consumer price index leapt 6.8 per cent from a month earlier, driven by an 8.4 per cent increase in the cost of items such as plantains, sugar, potatoes, cassava, pineapples, meat, chicken, eggs, fish and bread.
"The increase in prices of these food items is mainly attributed to reduced supplies to the market during the month," UBOS said at a news conference.
"The main inflation driver remained food inflation. Food inflation rose to 50.4 per cent for the year ending September from 42.9 registered in August," UBOS said.
"Food crops registered an annual inflation rate of 38.8 per cent for the year ending September, compared to 33.7 for year ended August," it said.
The core rate of inflation — which excludes food crops, fuel, electricity and metered water — also jumped to 27.5 per cent in September from the 20.1 per cent registered in August. The August rate had previously been given as 20.0 per cent.
— Reuters
Source: The Standard
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