The countryâ€™s year on year inflation for March has risen to 3,5% from minus 0,7% the previous month on the back of marginal increases in the prices ofÂ goods and services.
According to latest data from theÂ CentralÂ Statistical Office, the increase in the year on year inflation rate means that prices as measured by the all items Consumer Price IndexÂ increased by 3,5 %Â between March 2009 andÂ March 2010.
The CSO revealed that inflationary pressures were mainly as a result of sharp increases in the prices of utilities such as electricity and water.
It noted thatÂ the increase in the rate of inflation meansÂ that for instance a basket of goods and services that used to cost US$ 100 now cost US$103,50.
Government has expressed concern about the inflationary pressures that are resurfacing within the economy amid calls for stakeholders to work on a holistic approach aimed at consolidating macro- economic gains .
TheÂ Ministry ofÂ Finance has also revised downwards its set key economic targets for 2010 from an annual growth rate of 7 % to 4,8 % on the back ofÂ inadequate funds to stimulateÂ productive sectors of the economy.