LONDON: The general inflation recorded for the month of April is 7.4Pc, according to a Central Statistical Agency report. Recently, the government has planned to keep the average inflation rate at eight per cent maximum – this was driven up to 14pc, however, due to the El Niño-induced drought in the early months of the budget year.
Even if instances of drought can aggravate inflationary pressures, the government recently claimed that it employed various policy measures to bring down inflation to a single digit. This is from the more than 40pc it stood at during the first phase of the previous Growth Transformation Plan (GTP).
During the previous two months, the inflation rate was 8.7pc and 7.5pc, respectively, according to the CSA. The country’s inflation rate was projected to be seven per cent in May 2016, according to IECONOMICS – a website that provides historical data for 196 countries. The nation plans to become a middle-income country by 2025, from being the ninth poorest in the world in 2015.
