Kenya, November 10, 2017 – According to statistics released recently on the economy of Tanzania, the reports record the country’s inflation has declined to 5.1 percent from 5.3 percent. The decline of 0.1 percent year-on-year on October was attributed to a slower rise in the prices of commodities. The statistics office released the report on Wednesday.
Notably was the decreased inflation rate of food and non-alcoholic beverages that shared a spoil of 8.8 percent in October, a drastic 1.0 percent from the previous month. This was according to National Bureau of Statistics (NBS) as per their statement.
Food holds the largest percentage of the economy, backed by agriculture that is the backbone of the country. It also holds the water used to measure the inflation of Tanzania.
The Parliament hope to maintain the inflation percentage at 5.0 as it is in line with the country’s mid-term goal for next year.