Bloomberg News

Uganda to Raise Interest Rates Until Inflation Trajectory Falls

October 24, 2011

Oct. 24 (Bloomberg) -- Uganda’s central bank will continue raising interest rates until “inflation is clearly on a downward trajectory,” Adam Mugume, the bank’s executive director of research, said.

The Bank of Uganda “will not allow inflation to keep rising,” Mugume said in a statement published in the Kampal- based New Vision newspaper today. Inflation may ease after peaking this year as food prices moderate, he said.

“Bank of Uganda will endeavour to delicately balance the need to guard against extreme risks to growth but also limit the adverse impact of prolonged inflation,” Mugume said.

To contact the reporter on this story: Fred Ojambo in Kampala at

To contact the editor responsible for this story: Nasreen Seria at

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