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Minister Ngabitsinze anticipates decreased inflation in 2024

By IGIHE
On 27 December 2023 at 09:06

The Minister of Trade and Industry, Dr. Jean Chrysostome Ngabitsinze, has provided assurance that food prices will continue to decline in 2024.

During a talk show on the national broadcaster on December 26, 2023, Dr. Ngabitsinze explained that the government issued an order to cultivate all unused land to increase crop production.

He stated, "We have been directed to ensure that all pieces of arable land should be cultivated, and then make sure we make appropriate storage of produce. This is what we are working on with the Ministry of Agriculture and other relevant ministries."

This increased production is expected to eliminate food shortages, with local trade sustaining communities during the off-season (March, June, and July) rather than relying on imports.

Minister Ngabitsinze further noted that if petroleum and fertilizer prices continue to drop, food prices will follow suit. Regarding fertilizers, he expressed optimism for relief following the launch of a mixing plant in Rwanda with the capacity to produce over 100 thousand tons per year.

In November, there was a notable decrease in market prices, with inflation increasing by 9.2%, marking the first time it increased by less than 10% since the previous months of the year.

The Minister of Trade and Industry, Dr. Jean Chrysostome Ngabitsinze, has provided assurance that food prices will continue to decline in 2024.

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