INFLATION KEEPS RISING
The latest data released by the Uganda Bureau of Statistics makes grim reading, given another rise of month on month inflation for April to now 14.1 percent, three percent up from March and well more than double compared to even February this year. Drought related food prices, combined with the escalating cost of fuel which drove transportation prices up, are largely to blame for the situation, which prevails across the entire East African region. Governments are consulting across the EAC to devise ways and means to cushion the rise of commodity prices for low income earners, and temporarily lower taxes and duties are being considered until the economic situation stabilizes again. Central Banks are also monitoring the current low levels in value of local currencies against the US Dollar, the Euro and other hard currencies but here experts are confident that the trend will reverse in the near future.
The onset of the current rains in parts of East Africa is promising however as food crops will again be available in plenty, bringing prices down across the board, but that cannot happen soon enough for those now counting every cent before spending it.
