The inflation rate in Zanzibar has shown a notable decrease, reaching 5.26% for the year ending in July 2024. This is down from the 5.65% recorded in June of the previous year.
According to a report released on August 13, 2024, by Hassan Jamal Hassan from the Division of Statistics and Prices, the inflation rate for food and non-alcoholic beverages decreased to 8.96% in July 2024. This is a decline from the 10.33% recorded in June 2024.
Overall, the price index increased to 112.31 in July 2024, up from 106.70 in July 2023. The food price index also rose, reaching 122.08 in July 2024 compared to 111.84 in July of the previous year.
The inflation rate for food items decreased to 9.16% for the year ending in July 2024, down from 10.57% recorded in June 2024. For non-food items, the inflation rate increased slightly to 2.37% in July 2024 from 2.07% in June 2024. The price index for non-food items rose to 105.65 in July 2024, up from 103.20 in July 2023.
Certain food items have contributed to the lower inflation rate. For instance, the price of Mbeya rice decreased by 4.4%, wheat flour by 4.5%, sembe flour by 8.8%, one-hand bananas by 7.5%, and mtwike bananas by 18.6%.
The overall inflation rate for July 2024 decreased to 0.22%, compared to 0.56% in June 2024. The inflation rate for food and non-alcoholic beverages decreased to 0.15%, down from 0.70% in June 2024.
Monthly inflation figures show that Mbeya rice increased by 2.0%, Jasmine rice by 0.4%, fish by 1.6%, one-hand bananas by 5.2%, red sugar by 1.1%, and petrol by 1.5%.
Shamy Hamcha, Assistant Economist at the Bank of Tanzania (BoT) in Zanzibar, noted that the inflation situation in Zanzibar appears to be improving. He reassured residents that the monthly inflation reports show promising trends, protecting consumers from price shocks.
Hamcha emphasized that despite past challenges with U.S. dollar availability, the economic conditions have stabilized. The Bank of Tanzania remains committed to ensuring that the economic environment in Zanzibar and Tanzania remains favorable for residents.
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