East Africa Community member states have failed to maintain a single-digit inflation which they collectively recorded two years back. The region average inflation rate was 5 per cent in 2010, which is the lowest rate it recorded since 2005 and coming off peak to almost 18 per cent in 2008.
However, the economy could not maintain the single digit-inflation since last year, as the average inflation rate climbed to 12 per cent as a result of increasing oil prices and shortage of food.
The State of East African Report 2012 titled ‘Deepening Integration, Intensifying Challenges’ reveals that a close examination of the inflation trend in the region confirms the overall observation that inflation is being driven by high food prices.
The report shows that Uganda was the most hit state in terms of rising costs of living driven by high prices of food and fuel whereby its inflation reached the peak of 30 per cent last October.
Last year, Tanzania and Kenya saw inflation climb to 19.8 per cent in December and 19.7 per cent in November respectively. It was Rwanda, which enjoyed the lowest inflation rate of 6 per cent, a factor that made the country have outstanding economic p erformance in the region.
According to the report, Uganda’s food prices increased by 39 per cent during the same year. Tanzania, which occupies the second largest share of the economy in the region, witnessed prices of food going up by 26 per cent. The price increase was specifically noted in maize grains which increased by five per cent.
The region’s economic giant, Kenya recorded maize flour price and grains fell by 3.1 per cent and 3.7 per cent respectively in September last year compared to August. Read More
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