{"id":27828,"date":"2022-03-12T18:32:50","date_gmt":"2022-03-12T18:32:50","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=27828"},"modified":"2022-03-12T17:14:01","modified_gmt":"2022-03-12T17:14:01","slug":"economy-facing-upside-inflationary-risks-say-bou","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou","title":{"rendered":"Economy facing upside inflationary risks, say BoU"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Uganda\u2019s central bank has warned that inflation could accelerate in months ahead owing to the rises in energy and food prices.<\/p>\n

Household spending\u2014particularly on services\u2014is forecast to be higher due to the full opening of the economy.<\/p>\n

In his monetary policy statement of February, Mr Michael Atingi-Ego, the Bank of Uganda deputy governor, revealed that \u201cinflation is forecast to rise but stabilise at around the five percent target contingent on the evolution of the pandemic.\u201d<\/p>\n

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He hastened to add: \u201cThere could be inflation surprises, however, because of a strong rise in food crop, commodity and import prices, and the exchange rate depreciation.\u201d<\/p>\n

The central bank is concerned that if the upswing in global cost-push inflation pressures turns out to be larger or more persistent than currently expected, the domestic economy could be negatively impacted.<\/p>\n

\u201cIf the exchange rate were to depreciate significantly, partly on account of higher demand for foreign currency and monetary policy tightening in advanced countries, this would increase the overall inflation pressures and foster a need for tightening monetary policy going forward,\u201d Mr Atingi-Ego cautioned.<\/p>\n

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Uganda\u2019s annual headline inflation recorded a six-month average of 2.3 percent in the first half of Financial Year 2021\/2022, up from a 2.2 percent average in the previous half.<\/p>\n

The increase in annual headline inflation was attributed to a rise in both food crops and energy fuel and utilities (EFU) inflation rates. Food crop prices increased due to a rise in demand alongside reduced supply, following less than average rainfall that translated into lower crop harvests.<\/p>\n

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Fuel price hike chokes traders, stirs inflation<\/p>\n

The EFU inflation rose as domestic fuel prices increased in tandem with the rise in international oil prices.<\/p>\n

In its half year macroeconomic and fiscal performance report for Financial Year 2021\/2022, the Ministry of Finance, Planning and Economic Development revealed that the core inflation declined to a six-month average of 2.4 percent in the first half of the financial year from 3.1 percent in the previous half.<\/p>\n

The decline in core inflation was down to the slower pace at which costs of transportation services increased. Transport costs have been high since 2020 when transport operators hiked transport charges following pandemic-triggered restrictions in vehicle capacity.<\/p>\n

Food crop inflation<\/b><\/p>\n

Annual Food crop inflation increased to a 2.1 percent average during the first half of the Financial Year from a -3.7 percent average in the previous half. Throughout the previous half, food crop prices were on a downward trend.<\/p>\n

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The first half of Financial Year 2021\/22 however saw a reversal in this trend with food crop inflation turning positive and increasing, reflecting a gradual increase in prices of food crops.<\/p>\n

The rise in food crop prices was largely attributed to a pickup in demand amidst reduced supply following less than average rainfall that translated into lower crop harvests. Some of the food crops whose prices increased significantly include pawpaw, passion fruits, cabbage, tomatoes, green pepper, onions, garlic, yams, matooke and sweet potatoes.<\/p>\n

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EFU inflation also increased to a six month\u2019s average of 0.6 percent during the first half of the Financial Year 2021\/2022 from a -2 percent average during the previous half.<\/p>\n

The increase in EFU inflation was largely attributed to a rise in domestic fuel prices particularly petrol, diesel, paraffin and liquefied gas prices, whose increase was a feed through effect of the soaring international oil prices witnessed in the same period.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Uganda\u2019s central bank has warned that inflation could accelerate in months ahead owing to the rises in energy and food prices. Household spending\u2014particularly on services\u2014is forecast to be higher due to the full opening of the economy. In his monetary policy statement of February, Mr Michael Atingi-Ego, the Bank of Uganda deputy […]<\/p>\n","protected":false},"author":84,"featured_media":27827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-27828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nEconomy facing upside inflationary risks, say BoU - Uganda<\/title>\n<meta name=\"description\" content=\"Uganda\u2019s central bank has warned that inflation could accelerate in months ahead owing to the rises in energy and food p ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy facing upside inflationary risks, say BoU\" \/>\n<meta property=\"og:description\" content=\"Uganda\u2019s central bank has warned that inflation could accelerate in months ahead owing to the rises in energy and food p ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-12T18:32:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/03\/img-622cd4c09db35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Economy facing upside inflationary risks, say BoU\",\"datePublished\":\"2022-03-12T18:32:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou\"},\"wordCount\":620,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/03\/img-622cd4c09db35.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/economy-facing-upside-inflationary-risks-say-bou\",\"name\":\"Economy facing upside inflationary risks, say BoU - 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