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Browsing: Tanzania Investment and Consultant Group Ltd (TICGL)
- General cost of living in Africa has increased driven by food inflation.
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The cost of living in Tanzania is steadily increasing, driven by the rise in the prices of basic foods. As of August 2022, Tanzania’s food inflation was reported at 7.8 per cent by the World Bank. The inflation rate worsened, reaching a peak of 9.7 per cent as of December 2022.
“This upward trajectory of food prices persisted into January 2023, where the food inflation rate reached 9.9 per cent,” reports Tanzania Investment and Consultant Group Ltd (TICGL), an economic research institute.
Food inflation is not only affecting East Africa but also most of the rest of the world. The World Bank states, “Inflation higher than 5per cent is experienced in 63.2 per cent of …