Bank of Uganda publishes May 2026 macroeconomic indicators showing 3.0 percent inflation and a 9.75 percent policy rate

The Bank of Uganda published its May 2026 summary of macroeconomic indicators, a Monetary Policy Committee data pack showing headline and core inflation at 3.0 percent in April 2026 and no change in policy rates. Headline inflation rose from 2.8 percent in March, core inflation rose from 2.9 percent, while the Central Bank Rate remained 9.75 percent and the bank rate to commercial banks stayed at 12.75 percent. Within the inflation basket, food crops and related items slowed to 0.6 percent in April from 1.0 percent in March, while energy, fuel and utilities accelerated to 6.1 percent from 4.1 percent. The end-period exchange rate was UGX 3,750 per USD in April, compared with UGX 3,763 in March. In the latest lagged activity and external-sector readings, private sector credit reached UGX 29,157 billion in March, gross foreign exchange reserves rose to USD 6,007.6 million with import cover of 4.0 months, the trade deficit narrowed to USD 47.7 million, the Composite Index for Economic Activity fell 0.4 percent in March, and the Business Confidence Index stood at 55.8 in April.