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Tanzania's August inflation drops to 4.9 pct

Xinhua, September 9, 2016 Adjust font size:

Authorities in Tanzania said Thursday that inflation fell to 4.9 percent last month, down from 5.1 percent in July.

Ephraim Kwesigabo, Director of the National Bureau of Statistics, told a news conference in the commercial capital Dar es Salaam that the inflation edged down in August thanks to slower rises in food and fuel prices.

"This is the first time this year that the annual headline inflation rate has decreased below 5 percent, which is the government's mid-term target for the inflation rate," Kwesigabo said.

He said the inflation rate for food and non-alcoholic beverages decreased to 7.0 percent from 7.6 percent in July.

Food and fuel prices are key drivers of inflation in the east African nation.

Tanzania changed the formula for calculating its annual headline inflation rate in February by reducing the weight of food in the basket of goods it uses. Endit