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Uganda Headline Inflation for April 2012 lower at 20.3percent

Uganda’s annual headline inflation rate for the year ending April 2012 slowed to 20.3% down from 21.1% recorded for the year ended March 2012, Uganda Bureau of Statistics announced on April 30.

The marginal reduction was attributed to a slight reduction in food prices and also a similar reduction in core inflation during the month.

Food crops registered an annual inflation rate of 9.1% for the year ending April 2012, compared to 10.1% registered for the year ended March 2012. The annual core inflation rate which excludes food crops, fuel, electricity and metered water declined to 22.8% for the year ending April 2012 compared to 23.6% recorded for the year ended March 2012. Similarly, the annual energy, fuel and utilities inflation rate dropped to 19.5% for the year ending April 2012 compared to 20.2% for the year ended March 2012.

The country’s headline inflation started soaring in the middle of last year touching 30.4% in October before it started to decline. Since that period, year-on-year inflation has been reducing marginally something that has prompted government officials to predict that it (inflation) will be in single digits by the end of 2013.

Bank of Uganda will announce the central bank rate (CBR) for May this week. The Bank raised the CBR from 13% in July last year to 23% in October and started easing when inflation slowed. The Bank kept the rate unchanged in April at 21% to further discourage access to bank credit and fight inflation.

The Independent Newspaper

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