Uganda, Tanzania step up efforts to lower commodity prices on intensified Ukraine, Russia war
Citizens in the East African region face tough times amid Russia’s invasion of Ukraine.
Recent weeks have seen the rise in commodity prices such as cooking oil among other household commodities.
This has caused an uproar among citizens, calling on the government to look for measures that would help cushion them from the price inflation.
External factors that have brought about the price inflation include the various sanctions that have been placed on Russia, the second-largest producer of crude oil globally, leading to the commodity price increase.
This price increase is as a result of the price of importing petroleum and raw materials.
In Uganda, the government has stepped up efforst to see price of basic commodities scaled down when Prime minister, Robinah Nabbanja met with company executives that manufacture household items on Friday and urged them to lower commodity prices.
According toThe East African, Nabbanja mentioned that bulk importers were taking advantage of the situation by hiking the prices, in a bid to exploit Ugandans.
Manufacturers in Kenya have come to a standstill as decisions on increasing the prices of finished products are still pending. This comes after prices of crude oil escalates to a total price of Ksh.14,850 per barrel.
Tanzania, through the administration of the President, Samia Suluhu, have since reduced the taxes charged on petrol, diesel and kerosene by Ksh.5 after the rise in cost of living was acknowledged on March 8.
“The cost of living is going up, as prices of everything are going up. This is not a leadership issue, it is the state of the world,” said Tanzanian President..
Reforms of salvaging the economy in Eastern Africa are underway as different governments try to come up with different measures to help cushion their citizens amid price inflation.