Government has explained the current spike in prices in some of the household essential commodities on the market.
Recently prices of cooking oil, soap, and fuel skyrocketed, a rise in prices of some commodities and for example, a bar of soap increased to Shs 9000 with cooking oil surpassing its normal market price.
The permanent secretary at the Ministry of finance planning and economic development Ramathan Ggoobi says the rise in prices of the said products is a temporary shock that is bound to normalize soon.
He says this has been caused by the disruption in the global supply chain by COVID-19 and also the wars being experienced between Russia and Ukraine.
Ggobi made the remarks while officiating at the release of the Absa Africa Financial Markets Index report 2020, the report evaluates financial market development in 23 countries, and highlights economies with the most supportive environment for effective markets where Uganda was ranked the best in East Africa.