DAR ES SALAAM, Jan. 8 (Xinhua) -- Tanzania's inflation rates remained stable throughout 2024, well below the target of 5 percent in Tanzania mainland and approaching the same target in Zanzibar, a senior official said on Wednesday.
Bank of Tanzania (BoT) Governor Emmanuel Tutuba said in the fourth quarter of 2024, the annual inflation rate was around 3 percent, driven by the adequate food supply, supportive fiscal and monetary policies, and moderation in commodity prices, particularly crude oil, in the world market.
During a news conference in the port city of Dar es Salaam, Tutuba noted that inflation in Zanzibar was around 4.5 percent because of decreased food and non-food prices.
He said inflation was projected to remain low in the first quarter of 2025, at around 3.1 percent and 4 percent.
"This is mainly due to sufficient food availability, stable exchange rate, reliable power supply, and moderate global commodity prices, particularly crude oil," said the BoT governor.
Tutuba said the risk to the inflation outlook was low, but the OPEC+, a coalition of oil-producing countries that includes the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC partner countries, production decision might slightly elevate the risk. ■