Inflation rate reduces slightly

The Uganda Bureau of statistics has announced a slight decline in the inflation rate from the 30.4% recorded last month to 29%, in the month of November.

The statistics body attributes the slight decline to the drop in food prices, experienced during the month mainly due to increased supply in the various centers.

The Director Macroeconomics at Uganda Bureau of statistics Doctor Chris Mukiza says the strong monitory policy by the Central Bank is slowly yielding fruit results thus contributing to economic stability.

Dr Mukiza is optimistic that with a continued decline in food prices especially during the festivities season, the inflation rate will continue to decline.

The food inflation decreased from 45.8% to 40.3%, facilitating the decline registered in the headline inflation rate.

However, the non food inflation went up to 22.9% from 22.8%.

Story by Moses Ndhaye