What is the inflation rate in Uganda?

5.8% for the 12 months to October 2026, according to UBOS. It is the change in prices over the last 12 months.

What is a real return?

What an investment earns after inflation. If your money earns 12% after tax while prices rise 6%, it buys about 5.7% more after a year.

Does inflation matter for short-term savings?

Less than for long-term savings, but money kept at 0% loses buying power every month that prices rise.

Grow your money

Inflation calculator for Uganda: what will my money be worth?

Prices rise every year. See what your money will buy in future at today's inflation rate, and which options grow faster than prices.

Amount today

Years from now

Inflation used: 5.8%, 12 months to October 2026 (UBOS)

What your money will be worth

UGX 1,000,000 in 5 years buys what this buys today: UGX 754,348
Buying power lost: UGX 245,652

Assumes inflation stays at 5.8%, which it won't.

Real return of each option

Rate and real return after inflation, by option
Option	Rate	After inflation
Treasury bill, 1 year	11.60% after tax	5.48%
Treasury bond, 2 years	12.80% after tax	6.62%
Money market fund	12.55% before tax	6.38%
Bank fixed deposit	12.38% before tax	6.21%
NSSF Smartlife Flexi	13.25% before tax	7.04%

Before-tax rows: We're confirming how this is taxed.

Inflation over the last 12 months (UBOS)

General information based on today's published rates, not advice for your situation.

How we calculate this

Inflation is how fast prices rise. UBOS publishes it monthly as the change in prices over the last 12 months. We use the latest figure and show the past year so you can see how it moves.

What your money will buy: amount ÷ (1 + inflation) to the power of the years. This assumes inflation stays at today's rate, which it won't.

Real return: (1 + after-tax rate) ÷ (1 + inflation) − 1. A positive real return means your money buys more; a negative one, less. Rows without a confirmed tax rule use the before-tax rate and say so.

Worked example

UGX 1,000,000 at 5.8% inflation (12 months to October 2026).

Buys in 1 year what this buys today: UGX 945,180
In 5 years: UGX 754,348
1-year bill, real return after tax: 5.48%

Tax used here

Treasury bills and 2, 3 and 5-year treasury bonds: 20%
20% withholding tax on the discount and coupon interest of government securities that mature in under 10 years.
When: Bonds: taken from each coupon. Bills: the prospectus taxes the discount but doesn't say when; dealer banks commonly deduct it from what you get back at maturity.
Bank of Uganda, General Prospectus for Bond Issuances 2025 (item 15, Tax) (31 Jul 2025); PwC Worldwide Tax Summaries, Uganda, withholding taxes (last reviewed 22 October 2026) (22 Oct 2026)
Treasury bonds of 10 years or more: 10%
10% withholding tax on government securities that mature in 10 years or more.
When: Taken from each coupon.
Bank of Uganda, General Prospectus for Bond Issuances 2025 (item 15, Tax) (31 Jul 2025); PwC Worldwide Tax Summaries, Uganda, withholding taxes (last reviewed 22 October 2026) (22 Oct 2026)
Interest on bank savings and fixed deposits: being confirmed
PwC says 15% generally applies to interest paid to residents. We haven't yet confirmed the rule for bank deposits on URA's own pages or in the Income Tax Act.
PwC Worldwide Tax Summaries, Uganda, withholding taxes (last reviewed 22 October 2026) (22 Oct 2026)
Profits from unit trusts and money market funds: being confirmed
A 2023 bill proposed 5% withholding tax for unitholders with UGX 100,000,000 or less in contributions and 15% above that. Reports say Parliament's finance committee withdrew it, but we haven't confirmed the law as passed or what applies in 2026.
PwC Uganda, Taxation of collective investment schemes (on the 2023 Income Tax (Amendment) Bill) (1 Apr 2023)
NSSF Smartlife Flexi returns: being confirmed
NSSF's published Smartlife Flexi terms don't state the tax treatment. We're asking NSSF.

Results use a tax rate only once it is confirmed. Until then they show before tax and say so.