Tanzania’s Annual Inflation Stayed at 3.1% in June 2024

The National Bureau of Statistics of Tanzania (NBS) revealed that the annual headline inflation rate remained at 3.1% in June 2024, unchanged from May and April 2024.

The overall index went up from 112.81 recorded in June 2023 to 116.30 recorded in June 2024.

Food Inflation

Food and Non-Alcoholic Beverages Inflation Rate for June 2024 has decreased to 0.9% from 1.6% recorded in May 2024.

Non-Food Inflation

On the other hand, the Annual Inflation Rate for all items without food and non-alcoholic beverages for June 2024 has increased to 4.0% from 3.7% recorded in May 2024.

Core Inflation

Computation of the Core Index excludes items with volatile prices, that is, unprocessed food (except for maize flour); and energy and utilities. The exclusion of volatile prices from the total NCPI provides a more stable Inflation Rate figure for policymakers.

The Core Index covers 297 items and the share of weight to total NCPI weight is 73.9%. The inflation rate for the Core Index in June 2024 has also stagnated at 3.6% as recorded in May 2024.

Monthly Consumer Price Index May-June 2024

The National Consumer Price Index between May 2024 and June 2024 has increased by 0.1%. The increase in the overall index is attributed to price increases for some non-food items.

Some non-food items that contributed to an increase in the index include: car batteries by 1.1%, motorcycle fares as taxis by 3.1%, gymnastic and sports equipment by 6.9%, industrial fruit juices by 4.8%, kerosene by 9.3%, firewood by 5.7%, clothing materials by 0.7%, school uniforms by 1.9%, male footwear by 0.8%, refrigerators by 0.6%, and charcoal by 7.3%.

Changes in Tanzania National Consumer Price Indices (NCPI) for June 2024, (2020 = 100)