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.
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 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.
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%.