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Monday, January 04, 2010 - 07.19 GMT |
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Annual
Inflation Rate lowest in 24 years |
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The
Annual
Average
Inflation
Rate
decelerated
steadily
to 3.4
per cent
in 2009
from
22.6 per
cent
recorded
in 2008.
This is
the
lowest
Annual
Average
(end
year)
Inflation
Rate
recorded
since
1985.
The
inflation
was 4.8
per cent
in the
month of
December,
2009
compared
to 14.4
per cent
recorded
in the
month of
December,
2008.
Maintaining
a low
inflation
rate
generates
numerous
economic
and
social
benefits.
It
encourages
savings
and
investment,
stimulates
capital
flows
from
non-productive
investment
to
productive
investment,
thereby
promoting
economic
growth
and
generating
employment
opportunities,
stated
the
Central
Bank.
Moreover,
low
inflation
prevents
the
formation
of
adverse
expectations,
and the
resulting
stability
supports
investors,
consumers,
planners
and
policy
makers
to make
effective
decisions.
Low
inflation
also
protects
most
vulnerable
groups,
such as
fixed
income
earners,
pensioners
and low
income
groups
as high
inflation
would
erode
their
real
income
rapidly,
the
Central
Bank
further
said.
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