Macroeconomic Forecast Uganda

September 2008 | Macroeconomic Forecasts

Global food and energy prices may have come off significantly from their highs reached in the middle of 2008, but such declines have not yet filtered down into easing price pressures in Uganda. CPI growth accelerated from 13.7% y-o-y in July 2008 to 15.6% y-o-y in August. Nevertheless, we maintain our position that inflation will peak before year-end and keep our end-2008 forecast at 11.5%, although we note that protracted shilling weakness will pose an upside risk.

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