Uganda central bank raises lending rate again to 9.0%

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Consumer prices have been driven higher by soaring fuel and food costs

Elias Biryabarema, Reuters News

August 12, 2022

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Uganda's central bank raised its main lending rate by another 50 basis points to 9.0% in a decision announced on Friday.

The Bank of Uganda has now raised the rate by 250 basis points this year to try to tame inflation.

Consumer prices have been driven higher by soaring fuel and food costs that the government of President Yoweri Museveni has blamed on the lingering after-effects of the COVID-19 pandemic and the war in Ukraine.

Annual headline inflation hit 7.9% in July from 6.8% in June. (Reporting by Elias Biryabarema Editing by Alexander Winning)

Reuters

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