Uganda’s inflation for the month of August 2022 has risen to 9 percent up from 7.9 percent in July as Ugandans continue to feel the pinch over the rising prices of basic commodities.
Releasing the monthly report in Kampala on Wednesday, the Ms Aliziki Lubega, the Director Macro Economic Statistics at Uganda Bureau of Statistics (UBOS), indicated that Annual Headline Inflation has increased to 9.0 % from 7.9 % recorded in July 2022.
“This means that a person gets less commodities for the same amount of money used in July,” Ms Lubega said.
She said the rise in Inflation was mainly due to the rise in prices for transport, food and related items, electricity, fuel and utilities. Long distance bus fares increased to -9.5 % from -27.8 %.
The Annual Core Inflation rose to 7.2 % in August 2022, up from 6.3 % of July. Annual Services Inflation rose to 3.7 % from 2.0 % of July. Transport inflation shot to 8.7 % in August from 4.6 % of July.
Vegetables, tubers, plantains, cooking bananas and pulses’ Inflation rose to 25.3 % in August 2022 from 23.7 % of July. Matooke Inflation shot to 62.4 % in August from 50.7 % of July 2022. Beans Inflation rose to 27.0 % in August 2022 from 18.2 % of July.
The Monthly Headline Inflation for August 2022 increased by 1.0 %, same as July 2022. Maize flour inflation increased by 3.5 % in August 2022 from the 11.1 % rise recorded in July 2022. Dried Mukene inflation shot by 17.4 % in August from 3.1 % drop of July 2022.
Monthly services inflation rose by 0.7 % in August 2022, same as in July. Transport inflation increased by 1.8 % from the 2.7 % rise recorded in July 2022. Short distance Taxi Fares (less than 50 KM) inflation rose by 5.0 % in August 2022 from the 4.1 % rise in July.
This comes after Bank of Uganda lifted its benchmark interest rate by 50 bps to 9% during a meeting held on August 12th 2022, to try to counter rampant inflation and boost the shilling.
Last month, BoU held its first unscheduled monetary policy committee meeting on the back of soaring commodity prices occasioned by supply chain disruptions caused by the Russian invasion of Ukraine.