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Inflation rises at 7.1 percent in MarchPublish Date: Mar 31, 2014
Inflation rises at 7.1 percent in March
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Bank of Uganda Governor Emmanuel Tumusiime-Mutebile
newvision

Rising food prices pushed Uganda's headline inflation rate up to 7.1 percent in March from a revised 6.8 percent a month earlier, the Uganda Bureau of Statistics said on Monday.

On a month-on-month basis, consumer prices rose 1.1 pct, faster than the 0.4 percent increase recorded in February.

Ugandan inflation has come down from an 18-year high of above 30 percent in 2011 and its relative stability over the past year has suggested the economy can maintain fast growth without overheating.

The latest rise in inflation may raise pressure on the central bank to increase rates and slow the rate of credit growth in east Africa's third-largest economy.

Food prices rose 12.7 percent in the year to March compared with 11.0 percent in the twelve months to February, driven by the rising cost of several fruits and vegetables, the statistics office said.

"This is mainly due to decreased supplies of these items to the market, owing to a prolonged dry spell experienced in most parts of the country," it said in a statement.  Reuters

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