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Tanzania’s Annual Inflation Rises to 3.1% in August 2024, Food Inflation Jumps to 2.8% from 1%

September 23, 2024
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Tanzania Annual Inflation Rate August 2024

The National Bureau of Statistics of Tanzania (NBS) revealed that the annual headline inflation rate increased to 3.1% in August 2024 from 3.0% in July 2024.

The overall index went up from 112.25 recorded in August 2023 to 115.78 recorded in August 2024.

Food Inflation

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The Food and Non-Alcoholic Beverages Inflation Rate for August 2024 has increased to 2.8% from 1.0% in July 2024.

Non-Food Inflation

On the other hand, the Annual Inflation Rate for all items without food and non-alcoholic beverages for August 2024 has decreased to 3.3% from 3.8% in July 2024.

Core Inflation

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

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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 August 2024 has decreased to 3.2% from 3.3% which was recorded in July 2024.

Monthly Consumer Price Index July-August 2024

The National Consumer Price Index between July 2024 and August 2024 has decreased from 116.04 to 115.78.

The decrease of the overall index is attributed to a price decrease for some food and non-food items.

Some food items that contributed to a decrease of the index include: wheat grains by 0.4%; rice by 1.4%; sorghum grains by 0.6%; finger millet grains by 0.3%; white maize grains by 0.5%; sorghum flour by 0.6%; fruits by 0.4%; vegetables by 2.0%; round/irish potatoes by 1.1%; fresh cassava by 1.1%; cocoyam by 5.0%; cooking bananas by 5.1%; dry cassava by 1.8%; cassava flour by 2.7%; and sugar by 2.2%.

Some non-food items that contributed to a decrease of the index include: kerosene by 1.1%; firewood by 2.7%; wood charcoal by 7.6%; diesel by 0.3%; mobile telephone handsets by 0.8%; and recreation, sport, and culture by 0.2%.

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

TANZANIA ANNUAL HEADLINE INFLATION FOR AUGUST 2024

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