{"id":28453,"date":"2022-03-23T16:53:12","date_gmt":"2022-03-23T16:53:12","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=28453"},"modified":"2022-03-23T15:56:34","modified_gmt":"2022-03-23T15:56:34","slug":"increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2","title":{"rendered":"Increase in commodity prices is beyond govt control, says minister Kasaija"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>\u201cThe main causes of increasing commodity prices are external and beyond the ability of policy makers in any one country to deal with,\u201d Uganda\u2019s finance minister said on Tuesday as he urged the public \u201cnot to panic.\u201d<\/p>\n

Ending February, Uganda\u2019s headline inflation surged to 3.2%, up from 2.7% in January, according to Uganda Bureau of Statistics (UBOS).<\/p>\n

READ:<\/b><\/p>\n

High commodity prices push Uganda\u2019s inflation to 3.2% – UBOS<\/p>\n

“We should not alarm our people. This is a temporary situation that is going to subside sooner or later,” finance minister Mr Matia kasaija said, adding that Uganda\u2019s economic misery has been aggravated by Covid-19 and a raging Russia-Ukraine war in Kyiv.<\/p>\n

Contrasting Uganda\u2019s commodity-influenced inflation with America\u2019s 40-year high consumer price index driven up to 7.9% in February, Mr Kasaija said the central bank is preparing policy interventions \u201cto contain inflation within target and maintain macroeconomic stability.\u201d<\/p>\n

ALSO READ:<\/b><\/p>\n

Don\u2019t blame Ukraine war for rising commodity prices, FDC tells govt<\/p>\n

UBOS statistics further indicate that the price of laundry soap increased by 20% between December 2021 and February 2022. Prices of fuel, a major driver of Uganda\u2019s struggling economy, shot up by 15.3% in the past 3 months and 34% during the past one year- significantly steadying the cost of petrol slightly over Shs5,000.<\/p>\n

“To cushion consumers against high fuel prices, government is reconsidering its regulatory role in domestic fuel market to ensure that fuel price movements are a true reflection of the economic environment,” he told journalists at a briefing in Kampala.<\/p>\n

Government is also threatening to crackdown on people Mr Kasaija described as \u201cunscrupulous speculators taking advantage of the situation by hoarding essential commodities in order to create artificial supply shortages and drive up prices.\u201d<\/p>\n

\u201cWe are also taking advantage of these global crises to boost our import substitution industrialization strategy,” Mr Kasaija explained,<\/p>\n

Early March, the Bank of Uganda (BoU) long-anticipated that inflation would accelerate in months ahead owing to the rises in energy and food prices.<\/p>\n

But to mitigate that, Mr Kasaija says \u201cthey are working with the private sector to domestically produce some of these intermediate goods used to produce most of the affected goods such as cooking oil and soap.\u201d<\/p>\n

ALSO READ:<\/b><\/p>\n

War, inflation threaten world economy<\/p>\n

With several world economies now reopened after Covid-19 lockdowns, a rise in global aggregate demand might only further pressure Uganda\u2019s economy given the BoU-anticipated higher household spending.<\/p>\n

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

Africa-Press – Uganda. \u201cThe main causes of increasing commodity prices are external and beyond the ability of policy makers in any one country to deal with,\u201d Uganda\u2019s finance minister said on Tuesday as he urged the public \u201cnot to panic.\u201d Ending February, Uganda\u2019s headline inflation surged to 3.2%, up from 2.7% in January, according to […]<\/p>\n","protected":false},"author":84,"featured_media":28452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[233,240,234],"class_list":["post-28453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nIncrease in commodity prices is beyond govt control, says minister Kasaija - Uganda<\/title>\n<meta name=\"description\" content=\"\u201cThe main causes of increasing commodity prices are external and beyond the ability of policy makers in any one country ...\" \/>\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\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increase in commodity prices is beyond govt control, says minister Kasaija\" \/>\n<meta property=\"og:description\" content=\"\u201cThe main causes of increasing commodity prices are external and beyond the ability of policy makers in any one country ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2\" \/>\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=\"2022-03-23T16:53:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/03\/img-623b430550c92.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"688\" \/>\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=\"2 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\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Increase in commodity prices is beyond govt control, says minister Kasaija\",\"datePublished\":\"2022-03-23T16:53:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2\"},\"wordCount\":421,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/03\/img-623b430550c92.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/increase-in-commodity-prices-is-beyond-govt-control-says-minister-kasaija-2\",\"name\":\"Increase in commodity prices is beyond govt control, says minister Kasaija - 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