East African central banks take different approaches to rising inflation
The Bank of Uganda moved to head off a sharp increase in annual inflation by raising its key policy rate by 100 basis points to 12% this afternoon, while the neighbouring Central Bank of Kenya dismissed its own rising inflationary pressures to keep its key rate unchanged at 8.5%.
In Uganda, year-on-year consumer price inflation (CPI) rose from 5.1% in July to 7.3% in August, on the back of a prolonged drought and food shortages. Food crop prices alone rose by 16% in August.
The Bank of Uganda
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