Kampala, Uganda | JULIUS BUSINGE | Uganda’s annual headline inflation decreased from 8.0% for the year ended April 2023 to 6.2% for the year ended May according to data released by Uganda Bureau of Statistics Executive Director Chris Mukiza on May 31. The slowdown in inflation is largely attributed to the …
Read More »Italy’s purchasing power halved since start of Russia-Ukraine crisis
Rome, Italy | Xinhua | Purchasing power in Italy fell by 54 percent over the last year, as high inflation, reduced trade and slower economic growth caused in part by the Russia-Ukraine crisis took their toll on the daily life of Italians, according to a new report published by Italian think-tank …
Read More »Central bank maintains benchmark rate at 10 percent
Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda (BoU), Uganda’s central bank, on Monday left the Central Bank Rate (CBR) at 10 percent for the second time, saying it is still effective to control the rise in inflation, bring stability in lending rate, exchange rate and drive economic growth. …
Read More »More war means more inflation
Why that will lead to larger fiscal deficits, more debt monetisation, and higher inflation in future COMMENT | Nouriel Roubini | Inflation rose sharply throughout 2022 across both advanced economies and emerging markets. Structural trends suggest that the problem will be secular, rather than transitory. Specifically, many countries are now engaged in …
Read More »Global economy projected to grow 1.9 pct in 2023: UN report
United Nations | Xinhua | World output growth is projected to decelerate from an estimated 3.0 percent in 2022 to 1.9 percent in 2023, marking one of the lowest growth rates in recent decades, according to a UN report launched on Wednesday. The UN World Economic Situation and Prospects 2023 report …
Read More »UK teachers, nurses to strike further over pay disputes
London, UK | Xinhua | Further strikes were announced by teachers and nurses in the United Kingdom (UK) on Monday, amid the continued cost-of-living crisis and lengthy disputes over pay. If progress is not made in negotiations by the end of January, February will see the most widespread strike so far …
Read More »Six global issues to resolve in 2023
Beijing, China | Xinhua | The year of 2022 saw a world in turmoil: the United States fueled one conflict after another, the Ukraine crisis dragged on, the COVID-19 pandemic lingered on with Omicron emerging as the new strain. Inflation, food crisis, energy security, a sluggish world economic recovery, a worrisome …
Read More »UK PM pledges to halve inflation, boost economy
London, UK | Xinhua | United Kingdom (UK) Prime Minister Rishi Sunak pledged to halve inflation and boost the country’s economy in his first major speech in 2023 on Wednesday. Sunak made five pledges. These are: to halve inflation; to grow the economy; to reduce national debt; to cut hospital waiting …
Read More »Biden signs massive gov’t spending bill as Americans fight inflation
Washington, U.S. | Xinhua | U.S. President Joe Biden on Thursday signed a 1.7 trillion-U.S.-dollar spending bill for the federal government. The legislation will keep the federal government operating through the end of the federal budget year in September 2023 and avoid a partial shutdown before the end of 2022. The …
Read More »Uganda’s risky fiscal fires
How government’s recent borrowing and spending binge has put us on the highway to Ghana THE LAST WORD | Andrew M. Mwenda | Ghana is in a serious economic crisis. In November, its inflation rate was 50.3%. On December 19, it all but declared bankruptcy. In a press statement, its government announced …
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