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Uganda’s Inflation Rate Rises to 3.1% in December as Food Costs Increase

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Posted January 2, 2011 by Ugandan Diaspora News Team in Business ~ 1,511 views

     


Uganda’s annual inflation rate rose to 3.1 percent in December as prices of some food items increased, the country’s statistics agency said. Inflation accelerated from 1.4 percent in November, the Uganda Bureau of Statistics said in a statement handed to reporters today in Kampala, the capital. Prices were 1.4 percent higher in the month, it said.

The cost of green and sweet bananas, tomatoes, oranges, pineapples, meat and chicken climbed because of supply constraints coupled with increased demand during the Christmas season, the statistics office said.

The underlying annual inflation rate, which excludes food, fuel, electricity and metered-water costs, rose to 4.8 percent in December from 2.9 percent in November, it said.

Uganda’s central bank plans to introduce policies that will enable it to target a specific inflation rate over the next five years, starting with repurchasing government debt in the secondary market to control money supply, the Bank of Uganda said on Aug. 25.

Uganda, with a population of 31 million people and a $16 billion economy, according to the World Bank, is Africa’s biggest coffee exporter, International Coffee Organization data shows.

To contact the reporter on this story: Fred Ojambo in Kampala via Johannesburg at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


About the Author

Ugandan Diaspora News Team

Ugandan Diaspora News Online is an independent, non political news portal primarily aimed at serving Ugandans who work and reside outside Uganda. Our aim is to be a one stop shop for everything Ugandan and the celebration of our Ugandan heritage.

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