Uganda’s annual inflation closes 2024 at 3.3 percent

Uganda has registered a lower headline inflation of 3.3 percent for the year ended December 31, 2024 compared to 4.2 percent recorded in the year ended December 2023.
Speaking during the release of the inflation indices on Tuesday, Samuel Echoku, the UBOS Head of Macroeconomic Statistics said the 3.3 percent was however higher than 2.9 percent registered in November 2024.
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“The main driver of annual core inflation is the annual services inflation recorded at 6.1 percent in December 2024 compared to 5.9 percent in November 2024. This was mainly due to passenger transport by road inflation registered at 4.8 percent in the year ending December 2024 . The other driver was restaurants and accommodation services inflation registered at 4.8 percent ,” Echoku said.
He added that the annual other goods inflation was recorded at 2.2 percent in the year ending December 2024 , the same rate registered in November.
Echoku attributed this to maize flour prices that went down at -13.4 percent in December compared to - 18.2 percent in November .
Food
According to the UBOS Head of Macroeconomic Statistics, the annual food crops and related items inflation recorded -0.7 percent in the year ending December 2024 compared to a minus 4.0 percent registered for November .
This was mainly attributed to a drop in prices of fresh leaf vegetables by -11.6 percent compared to 0.6 percent in November also a drop in prices of fresh beans, tomatoes, egg plants, carrots and Irish potatoes.
On the other side, fuel an utilities inflation recorded 1.0 percent in the year ending December 2024 compared to 2.2 percent in November.