Annual inflation rate rises to 3.4% - UBOS

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Annual inflation rate rises to 3.4% - UBOS
UBOS' Alikizi Lubega

While releasing the monthly inflation report this week, Alikizi Lubega, the UBOS director for economic statistics, attributed the increase to rise in annual services inflation which was driven by hike in price of education services.

KAMPALA | The Uganda Bureau of Statistics (UBOS) has revealed that the annual inflation rate for the 12 months to February 2024 stands at 3.4 percent up from 2.8 percent registered in the year ended January 2024.

While releasing the monthly inflation report this week, Alikizi Lubega, the UBOS director for economic statistics, attributed the increase to rise in annual services inflation which was driven by hike in price of education services.

According to report, in the year ending February 2024, the annual education services inflation increased to 14.5 percent compared to 6.1 percent registered in January 2024.

Lubega added that price hike in restaurant and accommodation, and taxi services also largely contributed to the inflation increase.

The report further shows that restaurants and accommodation services annual Inflation increased to 6% in the year ending February 2024 compared to 4.9 percent registered in the year ended January 2024.

High inflation means a rise in consumer price index

Annual transport services inflation increased to 1.8 percent in the year ending February 2024 compared to 2.5% registered in the year ended January 2024.

In addition, Annual Other Goods Inflation increased to 1.8 percent in the year ending February 2024 compared to 1.3% recorded in the year ended January 2024.

Furthermore, the report shows that annual food crops and related items inflation increased at a slower rate of 0.5% compared to 2.6% registered in the year ended January 2024.

In addition, annual Energy Fuel and Utilities (EFU) inflation rate increased to 8 percent in February compared to 7.4 percent registered in the year ended January 2024.

UBOS attributes this increase to hike in firewood and petrol prices.

Accordingly, in the year ending February, firewood prices increased by 15.1 percent compared to 9.4 percent in January 2024 while petrol prices increased by 5.7 percent compared to 4.4% in January.

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