Food prices expected to go down - Ndagijimana

There are signs that market prices will go down this year considering that prices of some foodstuffs had started reducing towards the end of 2022, the Minister of Finance, Uzziel Ndagijimana has said. While presenting a revised 2022-2023 national budget to a joint parliamentary session on Wednesday, February 8, Ndagijimana said that despite the sharp increase in both global and local market prices, there are signs and hope for a steady decline. ALSO READ: REVISED BUDGET: Govt spending increase by Rwf106bn The prices were attributed mainly to unpredictable weather conditions, impact of the Covid-19 pandemic and external factors such as the ongoing war between Russia and Ukraine. “Towards the end of 2022, prices for basic commodities like rice, beans, cooking oil and tomatoes were already reducing, and we expected this to continue as we move towards the end of this agricultural season,” Ndagijimana said. Generally, he said market prices increased by 21.6 per cent in December 2022 compared to 21.7 per cent in November 2022 mainly due to the increase in food prices, alcoholic and non-alcoholic beverages, petroleum products and gas. He added that the average price increase on the markets between January and December 2022 stood at a rate of 13.9 percent. ALSO READ: Food prices expected to stabilise Meanwhile, the revised budget, according to the minister, will see government spending increase by Rwf106.4 billion, representing a 2.3 per cent increment from the Rwf4,658.4 billion to Rwf4,764.8 billion announced in the original budget presented in June 2022.

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Food prices expected to go down - Ndagijimana