Tanzania’s annual headline inflation rate slightly decreased to 3.2 percent in October from 3.3 percent that was recorded for the month of September, 2023 according to the National Bureau of Statistics (NBS).
The decrease of the headline inflation explains that, the speed of price change during October slightly decreased compare to the speed that was recorded during September, 2023.
The overall index however went up from 108.73 recorded in October, 2022 to 112.18 in October, 2023.
According to the statistics body, food and non-alcoholic beverages inflation rate for October, 2023 decreased to 4.5 percent from 5.6 percent that was recorded in September, 2023.
“Annual Inflation Rate for all items without food and non-alcoholic beverages for October, 2023 has increased to 2.6 percent from 2.4 percent that was recorded in September, 2023,” the report shows.
The National Consumer Price Index for October, 2023 decreased to 112.18 from 112.35 that was recorded in September 2023.
The decrease of the overall index is mainly attributed to price decrease for some food items.
Some food items that contributed to a decrease of the index include: wheat grains by 1.3 percent, finger millet grains by 0.4 percent, maize grains by 1.8 percent, wheat flour by 0.4 percent, sorghum flour by 3.6 percent, fresh fish by 1.0 percent, dried sardines by 1.2 percent, fruit by 3.2 percent, round potatoes by 3.7 percent, fresh cassava by 1.5 percent, dried beans by 1.5 percent, dried lentils by 1.0 percent, dried cowpeas by 1.4 percent and dry cassava by 1.1 percent.
According to the Bank of Tanzania (BoT) data, inflation is projected to remain within the target in the near term, owing to adequate food supplies in the market, stabilizing consumer goods’ prices in the global market and moderating inflation of Tanzania major trading partners.
Notwithstanding, risk of inflationary pressure is imminent due to rising pump prices associated with supply cuts by OPEC+ and consequences arising from the escalation of Middle East conflict between Israel and Hamas, and the ongoing war in Ukraine.