Commodity prices are likely to go down next month, says Goobi

Ramadhan Ggoobi the permanent secretary of Ministry of Finance, planning and Economic Development has assured Ugandans that the prices of some essential commodities such as soap and cooking oil are more likely to reduce next month.

Ggoobi said as Ugandans, there is a need for survival tips to manage the problem. He is Currently in Sharm El Sheik, Egypt for the 2022 Islamic Development Bank Group annual meeting.

Uganda has been a member of the bank since 1974 and as per the engagement with the key economic players on the continent, he is confident that prices of some commodities could come down soon possibly in July this year.

“I have got assurance from Dr. Sri Mulyani Indrawati, Finance Minister of Indonesia that they are going to lift the ban on export of crude palm oil next month (July). This explains that the Prices of soap and cooking oil are likely to reduce,” he said.

Ggoobi explained that Indonesia accounts for 59% of global palm oil exports. “The minister tells me they have banned export of crude palm oil to cater for rising domestic prices. They have since addressed the problem and are now ready to resume export. Very good news for us “he said.

Ggoobi thanked the bank for focusing on infrastructure and sustainable human development in the next four years as outlined in its five year strategy and requested the bank to renew the member country partnership with Uganda and support the private sector in order to access affordable financing.

Currently in Uganda a liter of cooking oil costs UGX 10,000 and a bar of soap is now UGX 7,000 to UGX 9,000 from retailers.

“In times like these, we need survival tips and live within our means, it is not time for cosmetic life style” Ggoobi stated

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