Officials anticipated inflation would drop to reach its target by the end of the year despite a January uptick that it believed would be transitory. It was the second time in a row that the Bank of Uganda held its policy rate steady, as deputy governor Michael Atingi-Ego revealed at a press conference. In order to combat inflation, rates were hiked by 350 basis points last year. Inflation increased to 10.4% in January from 10.2% in December, but Mr. Atingi-Ego predicted core inflation would fall to the five percent objective by the end of 2023. He noted that the possible impact of global financial circumstances on the value of the Ugandan shilling and rising food and energy costs are risks to the inflation outlook.
SOURCE: BUSINESS INSIDER
More Stories
South Africa Still a Long Way Off in Building a National Culture of Human Rights
After Lawsuits and Demonstrations Led by Chagossian Women, Britain Paid Some Compensation through the Mauritian Government to the Exiled Chagos Population
Sister to Egypt’s Most Prominent Political Prisoner Takes the Fight to the UN and EU
MSI Reproductive Choices in Africa Helps Women and Girls Make Informed Decisions about their Bodies and Futures
Kenya’s ‘Linda Mama’ Policy is a Step in the Right Direction Towards Universal Health Coverage
The Women and Caregivers behind Uganda’s Model for Palliative Care
Tunisian President’s Speech was Essentially the “Great Replacement” Theory, but with a Local Twist
The UN’s Largest Annual Gathering on Gender Equality and Women’s Empowerment Tackles the Gender Digital Divide
Challenges And Opportunities – Global Survey Results On Women’s Tech Careers
WHO Director’s Insights on Health in Africa and the IIAG Results
Best Style Moments of Tems
To the World