Inflation Soars to 19 Percent

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In short
Uganda has registered an average annual headline inflation rate of 18.7percent the highest in 19years.

Uganda has registered an average annual headline inflation rate of 18.7percent, the highest in 19-years, according to .
Statistics released by the Uganda Bureau of Statistics – (UBOS) on Friday.

The country posted an annual headline inflation rate of 27 percent ,down from 29percent for the year ending November 2011.

Vincent Nsubuga Musoke, the Principal Statistician at the UBOS attributed the volatile market that saw prices hitting the roof, to the price of fuel which were high on the world market.

Load shedding, goods imported from Kenya, China and South Africa also contributed to the rising inflation.

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The increasing demand for food items produced in Uganda within the region, diseases affecting fruits and animals that resulted into quarantines also contributed to the high prices.

UBOS also said out that the poor road network affected the transportation of food items and rent on business premises was a major contributor for  the rising prices.

Arua and Gulu registered the highest inflation rate were food, beverages, tobacco, rent, fuel, utilities and clothing.

There were monthly reductions in prices in matooke, sweet potatoes, irish potatoes and cabbages among other things which contributed to a reduction of 3.9percent