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The Bank of Tanzania said that the inflationary pressure on its economy was due to the spillover of the high inflation in most of the country’s trading partners and ruling global high commodity prices.
The Bank of Tanzania said that the inflationary pressure on its economy was due to the spillover of the high inflation in most of the country’s trading partners and ruling global high commodity prices.
Inflation has continued to trend upward in the east African country, reaching 4.8 percent in September 2022 in Tanzania mainland. The bank cited the same reasons for average inflation rising to 4.6 percent during the quarter compared to 4.1 percent in Quarter 2 of 2022 and 3.9 percent year-on-year from Quarter 3 of 2021.
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The rising inflationary pressures due to persistent global shocks complicated the conduct of monetary policy by heightening the inflation-growth trade-off. Because of these recurring developments, the bank said that it has opted for lessening monetary policy accommodation rather than full-blown tightening.
