Macroeconomic Forecast Uganda

Inflation showed further signs of bottoming in June 2010, coming in at 4.4% y-o-y following a 4.3% reading in May. Although core inflation was stable at 4.6% y-o-y, it rose by 1.1% m-o-m in sequential terms, reversing a decline of 0.2% in May. In contrast to previous months when food prices were the main driver of inflation, June's reading was the result of rising prices for household commodities like charcoal, firewood and paraffin. Our average 2010 inflation target is unchanged at 6.0%.

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