Inflation drops to 3.9% in Uganda

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TUE 01 AUG, 2023 12:53

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inflation inflation rate

Inflation has dropped to 3.9% in Uganda, the country's statistics body has revealed. The drop is for the month of July.

In June 2023, Uganda's inflation rate stood at 4.9%.

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The Director Economic Statistics at the Uganda Bureau of Statistics (UBOS) Kaunda Aliziki says the drop is largely attributed to decrease in prices of goods and services.

While releasing the findings of the consumer price indices and Inflation for the year July 2023, the Aliziki highlighted that the slowdown in the annual core inflation to 4.8% reduction in the year ending July 2023 compared to 6.0% in June 2023.

While the prices of maize flour reduced to 6.9% in July 2023 from 20.9% in June the same year, prices of cassava flour witnessed a drop from 34.6% in June 2023 to 13.1% in July 2023.

Electricity, fuels and utilities, petrol prices witnessed a drop of -14.1% in June 2023 to -21.1% in July 2023.

"Other driver included petrol, diesel and kerosene whose overall inflation drop was at -21.1% in July 2023 compared to the previous year -3.1% in the year ended June 2023," Aliziki said.

Business activity and consumer pains in Arua could be high as it recorded the highest inflation figure at 6.6% followed by Gulu at 5.5% while Kampala high income areas experienced the least inflation recorded at 2.9%.