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KIU BUSINESS DESK : Uganda's Inflation Hits 6.3% in May 2022


By Rogers Wanambwa 

KIU, Main Campus – According to the Uganda Bureau of Statistics (UBOS), the country's Annual Headline Inflation hit 6.3% in May 2022, above the 5% upper limit of the BOU monetary policy target. Food and non-alcoholic beverages, transport, and personal care were significant drivers. 

“The headline inflation figure is 6.3%, which has moved from 4.9%, a figure we reported for the year that ended in April 2022,” said Mrs Akiiki K. Lubega, Director, Economic Survey, UBOS. 

Mrs Akiiki indicated that the rise in prices is “mainly attributed to the increase in food and alcohol prices.”

A tweet by UBOS showed that matooke, tomatoes, pumpkins, and maize grain saw their prices increase by 11%, transport by 4.4%, diesel shot up by 54%, personal care by 3.9%, and furnishings by 17.3%, alcoholic beverages, tobacco, narcotics 2.3%. In comparison, recreation and sports saw a 3.3% increase. 

On average, the retail price for a Kg of maize flour costs UGX2,700, compared to UGX1,806 in May 2021. Tomatoes cost UGX3,263 in May 2022 compared to UGX2,378 in May 2021. Cooking oil cost UGX11,111 in May 2022, and in May 2021 was UGX7,344. 

This inflation comes as the Uganda shilling continues to face a downward spiral against the dollar, having lost UGX200 in value over the last few months. 

Different government officials have already issued statements warning of tough times ahead and for Ugandans to “tighten their belts” to ride through this period.