Tanzania’s inflation slows to a two-year low in July

Tanzania’s Annual Headline Inflation Rate eased for the sixth-straight month in July, 2023 to 3.3 percent from 3.6 percent recorded in June, 2023 according to the latest Consumer Price Index (CPI) figures released by the national statistics body.

This marks the lowest inflation rate recorded since June 2021, primarily attributed to the diminished escalation of prices for food items and non-alcoholic beverages.

“The decrease of the headline inflation explains that, the speed of price change for commodities for the year ended July, 2023 has decreased compared to the speed that was recorded for the year ended June,2023,” the National Bureau of Statistics (NBS) said.

The overall index went up from 109.25 recorded in July, 2022 to 112.67 in July, 2023.

Food and Non-Alcoholic Beverages Inflation Rate for July, 2023 has decreased to 6.1 percent from 7.8 percent that was recorded in June, 2023.

The Annual Inflation Rate for all items without food and non-alcoholic beverages for July, 2023 increased to 2.2 percent from 1.8 percent that was recorded in June, 2023.

The National Consumer Price Index for July 2023 has decreased to 112.67 from 112.81 that was recorded in June 2023.

“The decrease of the overall index is attributed to price decrease for food and non-food items,” NBS said.

Some food items that contributed to a decrease of the index include: wheat grains by 2.4%, rice by 3.5%, maize grains by 4.4%, maize flour by 6.5%, freshwater fish by 1.4%,dried sardines by 2.2%, sunflower oil by 0.4, groundnuts by 5.1%, round potatoes by 4.3%, sweet potatoes by 5.5%, fresh cassava by 3.8%, dried beans by 5.5%, dried lentils by 1.0%, dried peas by 2.3% ,dried cowpeas by 4.3% and cassava flour by 3.8%.

On the other hand, some non-food items that contributed to a decrease of the index include: kerosene by 0.1%, firewood by 2.3%, wood charcoal by 0.6%, diesel by 5.2% and petrol by 4.5%