{"id":30911,"date":"2022-05-14T17:30:04","date_gmt":"2022-05-14T17:30:04","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices"},"modified":"2022-05-14T17:37:12","modified_gmt":"2022-05-14T17:37:12","slug":"pressure-grows-on-finance-minister-over-soaring-prices","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices","title":{"rendered":"Pressure grows on Finance minister over soaring prices"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Deputy Speaker of Parliament Thomas Tayebwa has instructed Finance minister Matia Kasaija to furnish the House with a comprehensive statement on how the government is addressing the skyrocketing prices of goods in the country.<\/p>\n

Rising prices\u2014driven by increases in the cost of fossil fuels\u2014have triggered a cost of living crisis in the country.
\nIn its Monetary Policy Report for April, Uganda\u2019s central bank noted that \u201cthe heightened geopolitical tensions in Europe [and] persistent supply side disruptions induced by the pandemic\u2026have caused global food, energy, and non-energy prices to skyrocket.\u201d<\/p>\n

The Bank of Uganda also forecasted that inflation will \u201crise slightly above the five percent target in the medium term (two to three years ahead).\u201d Annual headline and core inflation now stand at 5.2 percent and 4.7 percent respectively.<\/p>\n

Speaking on the floor of Parliament, Mr Martin Muzaale (Buzaya County) decried what he construed as a \u201cslow response\u201d from the government to the cost of living crisis.<\/p>\n

\u201cDay in and day out, prices of goods are skyrocketing and government hasn\u2019t come up with a definite answer and the public is calling us all sorts of names,\u201d he said, adding, \u201cThe public is losing confidence in this Parliament. They feel we haven\u2019t done enough to give answers to them. I ask if it is possible for a private member\u2019s Bill to be brought before Parliament so we have a definite solution to this problem.\u201d<\/p>\n

The Finance minister told the House that his ministry can only present a statement on rising prices after President Museveni has weighed in on the issue.<\/p>\n

\u201cThe issue of escalating prices is a big concern to all of us. I don\u2019t want to go into the narrative, you all should know the causes. This matter is before Cabinet and President, and we have sent him all the facts. And once he pronounces himself we shall come here,\u201d Mr Kasaija revealed.<\/p>\n

Last month, the House tasked the Finance ministry to outline plausible short-term measures to be taken to get the country out of the cost of living crisis. Junior Trade ministers, Mr David Bahati and Ms Harriet Ntabazi had\u2014separately\u2014presented to the House interventions that were deemed as being short to long-term such as undertaking full blown palm oil production to cure the current high prices.<\/p>\n

On Thursday, Mr Mathias Mpuuga, the Leader of Opposition in Parliament, urged the government not to dilly-dally for too long.<\/p>\n

\u201cWe can\u2019t be at the mercy of the minister going to Cabinet where we don\u2019t sit. Our space is here,\u201d the LoP said, adding, \u201cMay you order for debate and we take a decision for which we shall compel government to consider.\u201d<\/p>\n

Whereas Mr Kasaija was not ready to commit himself on an exact date to revert to the House, Mr Tayebwa intervened to force his hand.<\/p>\n

The Finance minister will now be expected to make a statement on the matter on Wednesday next week.<\/p>\n

\u201cWe are living in a dynamic world. Things are changing every day. What may be true last week may not be true the next week. That is why I am saying we come back here with an updated statement which is researched. People are researching all over the world so when we come here, we will tell you the situation as it is,\u201d Mr Tayebwa said.<\/p>\n

INFLATION<\/p>\n

The Monetary Policy Committee (MPC) assessed that inflation expectations remain contained, and the ongoing economic recovery still requires monetary policy support. Thus, based on the current economic conditions, the outlook, and balance of risks, the MPC decided that keeping the central bank rate (CBR) unchanged at 6.5 percent would be consistent with meeting the inflation objective of 5 percent sustainably in the medium term, while supporting economic growth recovery.\u2019 Bank of Uganda\u2019s Monetary Policy Report for April 2022.<\/p>\n

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

Africa-Press – Uganda. Deputy Speaker of Parliament Thomas Tayebwa has instructed Finance minister Matia Kasaija to furnish the House with a comprehensive statement on how the government is addressing the skyrocketing prices of goods in the country. Rising prices\u2014driven by increases in the cost of fossil fuels\u2014have triggered a cost of living crisis in the […]<\/p>\n","protected":false},"author":84,"featured_media":30910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[233,240,234],"class_list":["post-30911","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":"\nPressure grows on Finance minister over soaring prices - Uganda<\/title>\n<meta name=\"description\" content=\"Deputy Speaker of Parliament Thomas Tayebwa has instructed Finance minister Matia Kasaija to furnish the House with a co ...\" \/>\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\/pressure-grows-on-finance-minister-over-soaring-prices\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pressure grows on Finance minister over soaring prices\" \/>\n<meta property=\"og:description\" content=\"Deputy Speaker of Parliament Thomas Tayebwa has instructed Finance minister Matia Kasaija to furnish the House with a co ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices\" \/>\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=\"2022-05-14T17:30:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-14T17:37:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/05\/postQueueImg_5-627fe8ac6306d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\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\/pressure-grows-on-finance-minister-over-soaring-prices#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Pressure grows on Finance minister over soaring prices\",\"datePublished\":\"2022-05-14T17:30:04+00:00\",\"dateModified\":\"2022-05-14T17:37:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices\"},\"wordCount\":654,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/05\/postQueueImg_5-627fe8ac6306d.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\/pressure-grows-on-finance-minister-over-soaring-prices#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pressure-grows-on-finance-minister-over-soaring-prices\",\"name\":\"Pressure grows on Finance minister over soaring prices - 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