Uganda's annual inflation rate of 3.1% in February 2022, is the lowest inflation rate the nation has seen up until now. Both the yearly headline inflation and the annual core inflation are now below the Bank of Uganda's (BoU) policy aim of keeping inflation in Uganda under 5%. She said that food crops and associated products inflation, which rose by 9.3% in the year ending July 2023 compared to 12.3% in the year ending June 2023, was the other factor in the slowing in annual inflation. She also mentioned that the rate of services inflation dropped from 3.3% to 2.5% in the year ending July 2023. “This is attributed to annual passenger transport services inflation that decelerated to negative 7.0 percent in the year ending July 2023 compared to negative 3.9 percent registered in June 2023,” she said.

Source: Daily Nation August 02, 2023 08:20 UTC