Falling food prices slow Ugandan inflation in Feb

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Falling food prices slow Ugandan inflation in FebPublish Date: Mar 01, 2013

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KAMPALA - Consumer prices in Uganda rose 0.4 percent in February although the year-on-year rate of inflation slowed to 3.4 percent thanks to a fall in food prices, official data showed on Thursday.

The Uganda Bureau of Statistics said food costs fell 2.0 percent over the 12-month period.

However, the core rate of inflation, which excludes food crops, fuel, electricity and metered water, fell marginally to 5.5 percent from 5.6 percent in January, which may dissuade the central bank from cutting its key lending rate next month.

Non-food inflation registered 6.0 percent for the year ending February 2013 compared to 7.2 percent recorded in January 2013, UBOS said in a statement.

The Bank of Uganda held its key lending rate unchanged at 12 percent for the second month in February as it treads a path between managing inflation and supporting an economic upturn.

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