Tanzania’s inflation rate declined for the 11th consecutive month in November as food-price increases slowed.
The inflation rate in East Africa’s second-biggest economy dropped to 12.1 percent from 12.9 percent in October, the National Bureau of Statistics said in a statement handed to journalists today in Dar es Salaam, Tanzania’s commercial hub. Prices rose 0.7 percent in the month, it said.
The food-inflation rate dropped to 13.7 percent in November from 15 percent previously, according to the statement.
Inflation is a “major challenge” for Tanzania’s economy and the government will continue providing subsidies to farmers to help curb food-price increases, President Jakaya Kikwete said Nov. 12. The government is targeting inflation below 10 percent in the “next few months,” the International Monetary Fund said in October.