Uganda’s Inflation Drops to 3.9% from 10% in July 2022

The Secretary to Treasury, Ramathan Ggoobi. PHOTO/COURTESY

Inflation has hit its lowest mark since March 2022, plummeting from a prior 10% to 3.9%. A significant contributor to this decline is the slowdown in costs, particularly concerning food and non-alcoholic beverages, which dropped from 11% in the previous period to 8%.

Uganda’s economic landscape has been shaped by multiple factors, including the impact of COVID-19 and the Russia-Ukraine conflict. These events have driven up inflation rates and caused the escalation of essential commodity prices.

Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury, highlighted these dynamics while inaugurating the seventh high-level economic growth forum at Serena Hotel in Kampala. Under the theme “Strengthening Uganda’s Competitiveness to Foster Economic Growth,” Ggoobi noted the government’s persistent efforts to curb inflation.

Advertisement

Ggoobi revealed that inflation had previously reduced the country’s GDP from 5.3% to 3.5% during the 2021/22 financial year, with an expected rise to 6% by the conclusion of the 2022/23 financial year, despite the targeted rate of 10% set by President Yoweri Museveni.

Amos Lugoloobi, the State Minister of Finance, underlined the resurgence of Uganda’s economy due to ongoing government support and infrastructure development, which have alleviated the private sector’s daily operations.

Over the course of two days, the symposium prioritizes the utilization of planning, budgeting, and technology in Uganda’s economic development.

Ad Display
This ad will close in 15 seconds
Ad
WhatsApp Follow Button

Your Page Title