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Tanzania Annual Inflation Slightly Down to 4.7% in March 2023

Tanzania Inflation March 2023

The National Bureau of Statistics of Tanzania (NBS) revealed that the Annual Headline Inflation Rate for the month of March 2023 has decreased to 4.7% from 4.8% recorded in February 2023.

Meanwhile, the overall index went up from 107.09 recorded in March 2022 to 112.13 in March 2023.

Food and Non-Alcoholic Beverages Inflation Rates

Food and Non-Alcoholic Beverages Inflation Rate for March 2023 has slightly increased to 9.7% from 9.6% that was recorded in February 2023.

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On the other hand, the Annual Inflation Rate for all items without food and non-alcoholic beverages for March 2023 slightly decreased to 2.7% from 2.8% which was recorded in February 2023.

Changes in Tanzania National Consumer Price Indices (NCPI) for March 2023, (2020 = 100)

Tanzania NCPI March  2023

Tanzania Monthly Inflation Rate – March 2023

The National Consumer Price Index between February 2023 and March 2023 has increased by 0.8%.

The increase in the overall index is attributed to the price increase for some food and non-food items.

Some food items that contributed to an increase in the index include; wheat by 1.6%, rice by 2.4%, sorghum grains by 4.9%, finger millet grains by 3.3%, maize grains by 2.8%, maize flour by 5.0%, bread by 2.9%, poultry by 3.4%, fresh fish by 2.9%, sardines by 3.4%, fruits by 3.7%, groundnuts by 2.4%, vegetables by 1.0%, fresh cassava by 5.5%, dry cassava by 7.4%, and cassava flour by 5.2%.

On the other hand, some non-food items that contributed to an increase of the index include; footwear for women by 1.0%, charcoal by 4.5%, and petrol by 4.1%.

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.

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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%.

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