Finance ministry speaks out on high commodity prices

By Benjamin Jumbe

The ministry of finance says the country’s inflation is currently at 3.2 % remains within the target of 5 % and the lowest within the region despite the rise in prices of essential commodities.

The remark has been made by the minister of Finance Matia Kasaija during a press briefing at Uganda Media Centre in Kampala

The minister said the government had taken note of rising prices of essential commodities like cooking oil, laundry bar soap, fuel, and some services like transport fares in the country.

He however attributed this to among other factors disruptions in the supply chain due to effects of covid-19 restrictions leading to higher transport costs and shortage of intermediate raw materials used in the production of the essential commodities.

He also cites the rapid rise in aggregate demand for several fast-moving goods with the opening of the economies across the world with the situation worsened by the Russia Ukraine conflict which has further disrupted the supply of oil, cereals such as wheat, corn, and sunflower oil

Written by Noelyn Nassuuna