By Lawrence Mubiru
24th Aug 2023
The Country’s Inflation level has reduced to 3.9% from 10% which was recorded in the same period of July 2022 while the Gross Domestic Product GDP is expected to increase by 6%.
The Inflation was the lowest reading since March 2022, as cost slowed down mostly for food & non-alcoholic beverages (8% vs 11% in the previous period)
Uganda’s economy has been largely affected by several circumstances among others; COVID – 10 and the Russia-Ukraine war periods which were the drivers to high inflationary levels and hiking of prices of basic products.
Ramathan Ggoobi the Permanent Secretary and Secretary to the Treasury while opening the seventh high level economic growth forum in Kampala this morning has Serena Hotel in Kampala under the theme; ” strengthening Uganda’s competitiveness to foster economic growth” said government has worked tirelessly to curb the high inflation.
Goobi revealed that inflation which had reduced the country’s GDP from 5.3% to 3.5 in financial year 2021/22 and is now expected to rise to 6% by the end of the 2022/23 financial year although the target at hand is 10% as directed by President Yoweri Museveni.
Meanwhile The state minister of finance Amos Lugoloobi told the participants that Uganda’s economy has managed to resurrect due to the continued government support and infrastructure development that have eased the day today work of the private sector.
The two day symposium is prioritizing the use of planning, budgeting and the technology in the economic development of Uganda.
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