The National Bureau of Statistics of Tanzania (NBS) revealed that the Annual Headline Inflation Rate for the month of February 2023 has decreased to 4.8% from 4.9% recorded in January 2022.
Meanwhile, the overall index went up from 106.20 recorded in February 2022 to 111.28 in February 2023.
Food and Non-Alcoholic Beverages Inflation Rates
The Food and Non-Alcoholic Beverages Inflation Rate for February 2023 has decreased to 9.6% from 9.9% that was recorded in January 2023.
On the other hand, the Annual Inflation Rate for all items without food and non-alcoholic beverages for February 2023 has also decreased to 2.8% from 3.0% that was recorded in January 2023.
Changes in Tanzania National Consumer Price Indices (NCPI) for February 2023, (2020 = 100)
Tanzania Monthly Inflation Rate – February 2023
The National Consumer Price Index between January 2023 and February 2023 has increased by 0.4%.
The increase in the overall index is attributed to a price increase for some food and non-food items.
Some food items that contributed to an increase in the index include: wheat grains by 1.2%, rice by 5.8%, sorghum grains by 0.7%, finger millet grains by 3.3%, wheat flour by 1.2%, sorghum flour by 1.9%, maize flour by 2.4%, fresh fish by 0.4%, dried sardines by 0.7%, fruits by 0.6%, groundnuts by 4.4%, vegetables by 1.7%, sweet potatoes by 6.7%, fresh cassava by 4.0%, cocoyam by 1.4%, dried beans by 2.8%, dried lentils by 0.8%, dried peas by 1.0%, dried cowpeas by 1.0%, cassava flour by 5.6% and soft drinks (soda) by 0.7%.
Some Non-Food items that contributed to an increase in the index include: garments for women (0.3%), school uniforms (0.4%), footwear for men (0.5%), firewood (2.3%), charcoal (1.6%), education services (0.4%) and accommodation services in hotels and guest house (2.1%)
In 2022 (January to December) the average annual headline inflation in Tanzania was 4.3%. In 2021 it was 3.7% and 3.3% in 2020.
However, the trend is clearly upward, with annual inflation reaching a five-years in October 2022 at a rate of 4.9% and slightly going down only in December 2022 at 4.8%.
Still, it remains within the target range of 3.0%-5.0% over the medium term included in the Tanzania Five-Year Development Plan (FYDP III). It also falls below the EAC inflation target of 8% and the SADC region which ranges between 3% and 7%.