Economy

Burundi’s inflation rises in October

Date: Nov 27, 2017

Burundi’s inflation accelerated to 17.6% year-on-year in October from 15.2% in September due to rising food costs on local markets, official figures showed on Monday.

Food inflation jumped to 28.0% in the year to October from 23.9% in September, the Institute of Economic Studies and Statistics (ISTEEBU) said in its monthly report.

The tiny East African nation whose economy relies mostly on coffee and tea exports has been hurt by a political crisis for more than two years.

Aid-dependent Burundi is under economic pressure after some of its key donors such as the European Union suspended direct financial support to the government, over accusations of human rights violations, which Burundi denies.

The International Monetary Fund predicts that the coffee producing country will have zero economic growth this year after the economy shrank in 2016.

More than 700 people have been killed and 400 000 have fled to neighbouring countries during the crisis, triggered by President Pierre Nkurunziza’s decision to run for a third term.

--Reuters--

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