Uganda Bureau of Statistics (UBOS) Executive Director Dr. Chris Mukiza has rebuffed claims that hyperinflation could soon plunge Uganda into economic turmoil.
Since late February 2022, prices of essential commodities including, fuel, food, washing soap and among others have skyrocketed in the country.
Government on its part, has tagged this on the devastating effects of the Covid-19 pandemic and the ongoing Russia – Ukraine conflict.
However, addressing journalists on the side-lines of a breakfast meeting at Sheraton Hotel today, Mukiza downplayed this.
“On Friday, I will update you to this end as far as this month is concerned. But inflation has not surpassed the levels of those days of Walk to Work in 2011. Inflation then was so high at 34.40% and last month it played out 3.7%. On Friday, we shall show you where it has reached. It is projected to rise but as we speak it is still low,” he assured.
Walk to Work protests were organised by the then Forum for Democratic Change (FDC) President Col. Dr. Kizza Besigye in reaction to high fuel prices after the 2011 elections.
Post 1986 economic situation
To further cement his point, Mukiza drew parallels between the current economic situation and that of previous regimes.
In 1988 while he was a student at Makerere University, Mukiza recalled that “the Gross Domestic Product (GDP) of Uganda was $3.6 million and that was the reason they were trying to get those few essential commodities to supply. It had dipped from 1971, that time the GDP was around $4.6 billion. But because of the wars and maladministration and then the Luweero war.”
“The economy contracted actually at one point from 1982 by 26% and there were no commodities but now, the current statistics we have shown that the size of the economy is about $42 billion and per capita GDP is $954,” he added.
On his part, Government Spokesperson Ofwono Opondo said although Uganda is not where it desires to be, journalists need to inculcate well researched statistical evidence into their stories.
“An individual posts on their social media platform and New Vision, NTV, NBS. Monitor will jump on what an individual has posted without cross checking the facts. And they have no humility whatsoever to retract and make an apology and say we were wrong. You cannot be a credible media if quite often, you are found at fault.”
The post Inflation Has Not Reached Walk-to-Work Levels – UBOS first appeared on ChimpReports.