Uganda's annual headline inflation rate accelerated slightly to 3.6% in May from 3.4% in April, driven up by food prices, Daily Monitor reported, quoting data by the Uganda Bureau of Statistics. Food prices, which are the main inflation driver with a 27.2% weight in the consumer basket, fell 2.1% y/y in May following a 2.6% decline in the previous month. The annual core inflation rate, which excludes food crops, fuel, electricity and metered water, fell to 5.6% from 5.8 % in April, but remained above the central bank’s 5% medium-term target. The annual food crops inflation stood at -5.2% last month, increasing from -7.5% in April.
Uganda’s monthly headline inflation rate slowed to 0.1% in May from 1.4% in the previous month.
The average inflation for the first five months of the year stood at 3.88%, which is a relatively low level, but the Bank of Uganda has maintained a cautious monetary stance this year, holding rates at 12% in order to keep a balance between supporting growth and curbing inflationary pressures.
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