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Browsing: Cost of living in East Africa
- High cost of living is expected to continue in East Africa in 2023 as the region is projected to experience sustained high inflation pressures according to the latest data from Sanlam Investment East Africa, 2023 investment outlook report.
- The region’s median inflation rate is currently estimated at almost 9 percent with some economies registering double digit inflation.
- High inflation is a key investment risk with central banks leaning towards higher interest to curb inflation.
High cost of living is expected to continue in East Africa in 2023 as the region is projected to experience sustained high inflation pressures according to the latest data from Sanlam Investment East Africa, 2023 investment outlook report.
The report attributes the sustained high inflation pressures to key risks arising from higher energy prices due to the protracted Russia – Ukraine war.
The region’s median inflation rate is currently estimated at almost 9 percent with some …
The cost of living in East Africa has risen with the governments shifting the debt repayment burden to businesses and households by increasing taxes.
According to data from the national bureaus of statistics, in countries such as Rwanda, Uganda, Kenya and Tanzania, an increase in fuel prices as well as weaker local currencies has also contributed to the prices of essential commodities like milk, bread, groceries, oil and fruits.
According to the Bank of Tanzania (BOT), Monetary Policy Statement released early this year, inflation in 2020 was estimated at 5.2 per cent in the East African region which was within EAC convergence criteria of not more than eight percent but higher than 3.2 per cent in 2019.
In March, Uganda posted an increase in the overall monthly inflation which rose to 4.1 per cent from 4.1 per cent in February while Kenya also recorded an increase of 5.9 per cent …