The Bank of Uganda says the economy continues to face strong cost-push inflation pressures.
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Michael Atingi-Ego, the BoU deputy governor, said: “The economy continues to face strong cost-push inflation pressures from the external environment, dry weather conditions and exchange rate depreciations amid weak domestic demand.” The spike in inflation saw the monetary policy committee increase the benchmark rate by a percentage point, the highest hike since 2018, in June andLast month, BoU held its first unscheduled monetary policy committee meeting on the back of soaring commodity prices occasioned by supply chain disruptions caused by the Russian invasion of Ukraine.
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