Food and beverages prices to drop in 2023, says NBS
What you need to know:
- The Tanzania inflation rate though high, remained consistent with the country's target of 5.4 percent for 2022/23.
Dar es Salaam. Tanzanians are set to see relief in prices of Food and Non-Alcoholic Beverages in the first quarter of 2023 as the The National Bureau of Statistics (NBS) projects a drop in inflation rate.
NBS’s statistician General, Dr Albina Chuwa said the bureau projects that Food and Non-Alcoholic Beverages will drop to 8.4 percent in the first three months of 2023 a decline from 9.7 percent that was recorded in December 2022.
Dr Chuwa was speaking on Wednesday, January 18 during a session to discuss state of economy.
“Our projections are positive and are on the back of the expected harvest of grain crops across the country, as well as subsidies provided in fertilizer and different relief policies by the government,” she said.
Dr Chuwa said overall country’s inflation rate will remain sustainable and at a single digit.
According to data by the NBS, by December Tanzania inflation rate declined slightly to 4.8 compared to 4.9 percent recorded in November, 2022 indicating a slower speed in the consumer price increase.
The Tanzania inflation rate though high, remained consistent with the country's target of 5.4 percent for 2022/23.
The rate was also in line with the East African Community (EAC) and Southern African Development Community (SADC) convergence criteria of a maximum of 8 percent and a range of 3-7 percent, respectively.
