inflation rate soared to 19.2% in November from 17.9% the previous
month, propelled by steep food and fuel prices, the state-run National
Bureau of Statistics said late Friday. From London Stock Exchange Home Page .
According to NBS, the East African nation's inflation rate has been
rising since late last year, hitting a 15-year high in November, mainly
due to inadequate food supply occasioned by drought. With the inflation
rate soaring for the thirteenth straight month in November, fears are
rife that the East African nation could be plunged in unrest, according
to political analysts.
The Tanzanian government is facing an ultimatum from the opposition to
fix the economy and address soaring commodity prices or face North
Tanzania, Africa's third largest gold producer is also grappling with
acute power shortages, blamed in lower water levels at its main hydro
power stations. Power shortages have compelled the state power utility,
Tanzania Electricity Supply Co. to embark on nation-wide rationing as it
seeks to balance demand and supply.
The country was hit by several months of drought late last year and
earlier this year, affecting water levels at its hydro power stations
and hitting its rain-fed agriculture.
Africa Barrick Gold, the country's largest gold producer has been
compelled to acquire backup diesel-fired thermal power plants for its
four gold mines in the country due to the unreliable power supply.
The gold-mining company said last week that it would not be able to meet its 2011 gold production target due to power outages.
Other gold mining companies operating in Tanzania include South
Africa-based Anglogold Ashanti Ltd. and Australia's Resolute Ltd.