{"id":47073,"date":"2023-03-31T15:13:19","date_gmt":"2023-03-31T15:13:19","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year"},"modified":"2023-03-31T15:34:45","modified_gmt":"2023-03-31T15:34:45","slug":"inflation-to-stay-above-bank-of-uganda-target-until-next-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year","title":{"rendered":"Inflation to stay above Bank of Uganda target until next year"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Inflation is projected to remain above Bank of Uganda\u2019s 5 percent target throughout 2023, according to a report by Fitch Ratings.<\/p>\n

The report, which highlights a number of economic fundamentals, indicates that whereas inflation had accelerated to 10.7 percent in October, it has been declining since December, reducing to 9.2 percent in February.<\/p>\n

However, the report indicates, it will remain above Bank of Uganda\u2019s target throughout this and part of next year.<\/p>\n

\u201cWe expect inflation to moderate to 5.5 [percent] in 2024,\u201d the report reads in part, but notes that, however, upside risks remain significant, related to adverse weather conditions and prolonged commodity price shocks.<\/p>\n

Inflation rose for the better part of 2022, driven by higher food and fuel prices, which have since decelerated.<\/p>\n

The slow increase in the price of goods and services has been due to a tight monetary stance, in which, the Central Bank has since August maintained a high Central Bank Rate of 10 percent, amid existing local and international vulnerabilities.<\/p>\n

However, the Fitch projections contradict earlier Bank of Uganda\u2019s forecast, which in December, had said that inflation was likely to drop to between 6 and 8 percent by the end of this year before stabilising around at 5 percent. The forecast had been a revision by 2 percent due to rapid deceleration of fuel prices, which had in the period ended 2022 been the highest driver of inflation.<\/p>\n

Dr Michael Atingi-Ego, the Bank of Uganda deputy governor, said then that the \u201crevision in the forecast is due to dissipating impact of earlier increases in global commodity prices, subdued domestic demand, effects of the current monetary policy stance, expected decrease in global inflation, and lower exchange rate depreciation\u201d.<\/p>\n

Fitch also noted that during 2022, the economy grew by 4.9 percent lower than the 5.9 percent in 2021 but remained \u201cresilient against the global economic slowdown and an Ebola outbreak in the fourth quarter of 2022.<\/p>\n

However, Fitch reported that growth will rise to 5.5 percent in 2023, before rising further to 6 percent in 2024, driven by a recovery in agriculture due to better weather conditions and ramp-up of oil infrastructure development.<\/p>\n

The report also notes that the expected increase in oil production activities leading to 2025 will provide a further boost to gross domestic product growth, which will eventually rise further after first oil.<\/p>\n

Government and oil development partners have indicated that Uganda is expected to achieve first oil by 2025.<\/p>\n

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

Africa-Press – Uganda. Inflation is projected to remain above Bank of Uganda\u2019s 5 percent target throughout 2023, according to a report by Fitch Ratings. The report, which highlights a number of economic fundamentals, indicates that whereas inflation had accelerated to 10.7 percent in October, it has been declining since December, reducing to 9.2 percent in […]<\/p>\n","protected":false},"author":84,"featured_media":47072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-47073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nInflation to stay above Bank of Uganda target until next year - Uganda<\/title>\n<meta name=\"description\" content=\"Inflation is projected to remain above Bank of Uganda\u2019s 5 percent target throughout 2023, according to a report by Fitch ...\" \/>\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\/inflation-to-stay-above-bank-of-uganda-target-until-next-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation to stay above Bank of Uganda target until next year\" \/>\n<meta property=\"og:description\" content=\"Inflation is projected to remain above Bank of Uganda\u2019s 5 percent target throughout 2023, according to a report by Fitch ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year\" \/>\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=\"2023-03-31T15:13:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-31T15:34:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/03\/postQueueImg_1680259404.34.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=\"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\/inflation-to-stay-above-bank-of-uganda-target-until-next-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Inflation to stay above Bank of Uganda target until next year\",\"datePublished\":\"2023-03-31T15:13:19+00:00\",\"dateModified\":\"2023-03-31T15:34:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year\"},\"wordCount\":408,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/03\/postQueueImg_1680259404.34.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/inflation-to-stay-above-bank-of-uganda-target-until-next-year\",\"name\":\"Inflation to stay above Bank of Uganda target until next year - 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