Inflation slows to 15.7% on food, energy

Tanzanian inflation slowed for a seventh consecutive month in July as food and energy costs declined, the National Bureau of Statistics said.

The inflation rate in East Africa’s second-biggest economy, after Kenya, dropped to 15.7 percent in July from 17.4 percent in June, the Dar es Salaam-based agency said in a statement handed to reporters today in the city. Prices rose 0.1 percent in the month, it said. 

The annual inflation rate for food declined to 20.3 percent in July from 22.9 percent in June, while the energy inflation slowed to 16.3 percent from 20.5 percent in the same period, according to the statement. 

Finance Minister William Mgimwa said June. 14 that government in the year through June will issue import permits for sugar and rice, as well pay for increased production in Tanzania to curb imported inflation. 

The government wants to bring the inflation rate below 10 percent this year, according to Dr Mgimwa.

Source: BloombergBusinessWeek, http://www.businessweek.com, reported by David Malingha Doya in Dar es Salaam

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