Tanzania’s Annual Headline Inflation Rate for the month of September, 2023 stagnated at 3.3 percent as it was recorded for the month of August, 2023 but a slightly more optimistic outlook persists due to escalating fuel prices.
Oil prices surged 4% on Monday, recouping some of last week’s steep losses, as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears that a wider conflict could hit oil supply from the Middle East.
According to the latest data from the National Bureau of Statistics (NBS), the stagnation of the headline inflation explains that, the speed of price change for commodities for the year ended September, 2023 remains the same as the speed that was recorded for the year ended August, 2023.
“The overall index went up from 108.73 recorded in September, 2022 to 112.35 in September, 2023,” the statistics body said.
Food and Non-Alcoholic Beverages Inflation Rate for September, 2023 stagnated at 5.6 percent as it was recorded in August, 2023.
Similarly, Annual Inflation Rate for all items without food and non-alcoholic beverages for September, 2023 stagnated at 2.4 percent as it was recorded in August, 2023.
The National Consumer Price Index for September, 2023 also increased to 112.35 from 112.25 that was recorded in August 2023.
“The increase of the overall index is mainly attributed to price increase for some food and non-food items,” NBS said.
Some food items that contributed to an increase of the index include: rice by 1.2 percent, sorghum grains by 1.2 percent, maize grains by 2.3 percent, sorghum flour by 3.6 percent, bread by 0.6 percent, fresh fish by 2.7 percent, chicken eggs by 0.7percent, cocoyam by 3.9 percent, cassava dry by 4.0 percent and sugar by 0.5 percent.
On the other hand, some non-food items that contributed to an increase of the index include; kerosene by 4.6 percent, diesel by 5.1 percent, petrol by 1.2 percent and recreation, sport and culture by 0.5 percent.