Market prices increased by 19.3%
The National Institute of Statistics of Rwanda (NISR) reported that prices in the urban market increased by 19.3% in March 2023 compared to March 2022. Prices in February 2023 had increased by 20.8%.
Figures released on April 10, show that in March 2023 prices increased “mainly due to food and non-alcoholic beverage prices which increased by 41.3%, non-alcoholic beverage and tobacco prices which increased by 23.6% and transport prices increased”. by 12%.”
“Comparing March 2023 to March 2022,prices excluding food and energy increased by 12.2%. Comparing March 2023 to February 2023, prices increased by 1.8%,” he continued.
With regard to rural areas, in March 2023, prices in rural areas increased by 39.5% compared to February 2023.Prices in February 2023 increased by 37.1%.
Some of the reasons for the price increase in March are food and non-alcoholic beverage prices which increased by 72.4%, non-alcoholic beverage and tobacco prices which increased by 20.9% and the prices of meals and accommodation which increased by 20% 6%
Comparing March 2023 and February 2023, prices increased by 4.3%. This increase is mainly attributable to the prices of food and non-alcoholic beverages, which increased by 6.8%.
The Central Bank of Rwanda recently announced that there is hope that by the end of this year, prices will have fallen significantly, so that they will reach at least 8%, the lowest rate. high that can be tolerated in Rwanda’s economy.
While attending the National Negotiating Council in February, Prime Minister Dr Edouard Ngirente said there was hope that these prices would continue to fall this year.
He said the ban on petroleum products has led to a slight drop in the price of transport and the ban on agriculture in the last crop year A is expected to increase production and prices will fall further.
He said there is confidence in the Season A production of maize which has doubled and that of potatoes which has almost doubled.
He continued, “Bean production has decreased a bit due to drought in Southern Province and part of Eastern Province.”
“It means in the times we live in, we started to see the price of maize go down, from Rwf 800 to Rwf 400. It means other things go down, and potatoes go down, that’s what we hope.”
These are the high prices that are expected to remain until the last half of this year.