The annual general inflation fell by 2.37 percent to 17.08 percent in March from 19.45 percent in February, the National Institute of Statistics of Rwanda (NISR) said on Monday, in its monthly consumer price index statement.

François Kanimba, the Governor of the National Bank Rwanda (BNR) shortly after the release told The New Times that the fall in inflation is a result of the stable fuel prices on the local market, which has led to the decline in prices of general commodities.

The governor also attributed what he called ‘a positive trend’ to increased food harvest in the country which has cooled down prices of food stuffs.

The statement by the NISR says, in March the general consumer prices index was established at 184.3, only 1.18 percent higher than the previous month’s.

The NISR also said that the underlying inflation (excluding fresh food and energy) dropped to 16.3 percent from 18.7 percent in February.

The 17.8 percent headline inflation is the result of high prices of food and non-alcoholic beverages, health, furnishing, household equipment, housing, water, electricity, gas and other fuels.

The institute said that food and non-alcoholic beverages increased by 1.29 percent, health 3.19 percent, furnishing, household equipment and routine household maintenance 1.96 percent, while housing, water, Electricity, Gas and other fuels one percent.

"It is noted that the increase of 1.29 percent in prices of food and non-alcoholic beverages is attributable to the increase of 4.33 percent and 1.51 percent of fish and vegetables indices respectively,” the statement says.

Kanimba said the low import prices, which only rose by 15.59 percent also contributed to the decline in inflation.

Local goods increased by 17.77 percent. The central bank expects single digit inflation by the end of the year.

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