Posted on November, 13, 2018 at 10:43 am
THE annual inflation has dropped to lowest level in history thanks to price decrease in foodstuffs.
The National Bureau of Statistics (NBS) said yesterday the inflation rate for October has dropped to 3.2 per cent from 3.4 per cent recorded in September.
NBS Director of Population Census and Social Statistics Ephraim Kwesigabo said that the decrease of the headline inflation explained that the speed of price change recorded for commodities for the year ending in October had dropped compared to the speed of the price change recorded for the year ending in September.
“The food and non-alcoholic beverage inflation rate for October has dropped to 1.2 per cent from 2.0 per cent recorded in September,” he said when briefing reporters on the inflation rate for last month.
Mr Kwesigabo explained that NCPI measured the change over time in the cost of a fixed basket of goods and services that were purchased by a representative sample of households in the country.
He pointed out that the Consumer Price Index (CPI) from September to October had dropped by 0.3 per cent compared to an increase in 0.1 per cent recorded in September from August.
Mr Kwesigabo said the decrease in the overall index was mainly attributed to price decrease in foodstuffs included rice by 0.8 per cent, maize by 10.5 per cent, maize flour by 3.0 per cent, sorghum flour by 3.4 per cent and cassava flour by 3.5 per cent.
He mentioned other foodstuffs that had attributed to price decrease as fresh fish (4.9%), dried sardines (1.1%), dry peas (5.4%), fresh cassava (3.9%), dry cassava (10.3 %), cocoyam (4.3%) and cooking bananas (4.5%).
Source: Daily News