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HomeNewsDrop in food prices eases Tanzania’s inflation rate

Drop in food prices eases Tanzania’s inflation rate

A decline in prices of food and communication eased Tanzania’s annual headline inflation rate to 12.9 percent in October 2012 from 13.5 percent recorded in September 2012, the Bank of Tanzania said Thursday.

In its latest economic review, the bank said month-to-month headline inflation also decreased to 0.3 percent in October, from 1.1 percent recorded in September 2012.

According to the report, annual inflation for food and non-alcoholic beverages decelerated to 14.9 percent in October, compared to 15.6 percent in September 2012.

Month-to-month food inflation remained unchanged at 0.6 percent in October as it was recorded in the preceding month.

Annual non-food inflation rate decreased slightly to 10.1 percent in October 2012 from 10.5 percent recorded in the preceding month, mainly influenced by the slowdown in prices of items under health, transport, communication, clothing and footwear.

Annual inflation for communication items declined by 1.8 percent compared with a decline of 1.7 percent recorded in the preceding month.

Likewise, annual inflation rate for energy and fuels slowed to 18.4 percent, compared to 19.4 percent registered in September 2012.

The slowdown was associated with the decrease in prices of petrol by 10.2 percent and diesel by 6.1 percent during October 2012.

Month-to-month non-food inflation also decreased to 0.1 percent in October 2012, from 1.5 percent recorded in September 2012.

Meanwhile, on month-to-month basis, average wholesale prices for major food crops, with the exception of maize and rice, decreased.

The country’s stock of maize and sorghum held by the National Food Reserve Agency (NFRA) increased to 98,544.3 tonnes in October, from 91,020.8 tonnes recorded in September, after the agency purchased 40,880.7 tonnes from local farmers

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