HIGHER COST OF LIVING: Inflation now rises to 10.7%, wipes out savings
Only 15% of Ugandans save their money in deposit-taking financial institutions regulated by the Bank of Uganda, while 17% save on their phones using mobile money according to the Financial Capability Survey 2020. These figures were revealed as Uganda marked World Savings Day on Monday.
However, according to the Deputy Governor of the Bank of Uganda, the rising cost of living has reduced purchasing power, with the country’s inflation now hitting 10.7% in October, up from 10% in September, Joan Salmon reports.
