Oil-producing nation Oman has also seen low inflation, at 2.1%. As it faces a severe humanitarian crisis, the country has the lowest inflation rate worldwide. Political instability and violence have depressed growth and inflation, which stood at -11.6% in December. *Inflation rates based on latest available data. Food prices are up 4.8% annually in December, and hotel rates are rising. Earlier on in the pandemic, Asian countries including China were less impacted by rising food costs, services inflation, and supply-chain disruptions, unlike what was seen in North America and Europe.īut now as China has reopened, some signs of inflation are beginning to appear. Inflation in the region was impacted by several other factors. Last year, Chinese consumers saved $2.2 trillion in bank deposits during these restrictions which were lifted earlier this year. In this region, widespread lockdowns strained growth and consumer spending, lessening inflationary pressures. Many of the lowest inflation rates around the world are located in Asia, including Macau, China, Hong Kong, and Taiwan. Slower growth, cheaper import costs, and foreign exchange policy are some of the factors keeping inflation subdued.Īs price pressures rattle global markets, the above infographic maps inflation rates globally using data from Trading Economics, focusing in on the countries with the lowest inflation levels. Across the Euro area inflation is estimated to have reached 8.5% in January.Īt the same time, some countries have managed to tamp down inflation. In Europe, while inflation has fallen, it is still far above the 2% target. The Federal Reserve indicated that more restrictive monetary policy is in the cards amid strong employment gains. Investors are bracing for longer inflation. Which Countries Have the Lowest Inflation? With a growing establishment of mines from world-class gold companies and exceptional preliminary drilling results in many projects– including in Tembo Gold’s 32 km 2 project area–Lake Victoria Goldfield’s legacy is only beginning. Lake Victoria Goldfield’s LegacyĪs physical gold continues to play an integral part in asset management and investor interests rise in the face of inflation, gold exploration and production is as important and valuable as ever. Now, in 2023, Lake Victoria has significant infrastructure with a 25-year history of post-colonial mine development predated by over 100 years of gold exploration. From approximately 10,000 ounces of gold in 1997, gold production flew to 1.68 million ounces by 2005. Within one year of the new Mining Act, Golden Pride started mining in the Lake Victoria Goldfield, and several more followed. The Tanzanian government did not revisit policies that favored mining and foreign investment again until 1998. Under the new government, agriculture was seen as the preferred approach for economic growth, and slowly but surely, all commercial gold mining in the country came to a halt. However, things changed for Lake Victoria’s mining industry when Tanzania gained independence from Germany in 1961. Within four years, the region’s annual production of gold reached more than 150,000 ounces. By 1937, three gold mines dominated gold production in Lake Victoria. The first ever commercial mine in East Africa started production in 1909, following Germany’s establishment of the German East Africa colony in 1891. Gold exploration in the area, however, has been underway for more than 100 years. Over 100 Years of Gold Explorationīefore Resolute Mining’s Golden Pride mine opened in 1999, Lake Victoria Goldfield had a few relatively dormant decades. The Significance of the Lake Victoria Goldfieldĭespite Southern and Western African countries mining gold for centuries, the gold reserves in East African countries, specifically those of Lake Victoria, have been relatively untapped in nature until recently.Īccording to Tanzania’s Ministry of Energy and Minerals, Tanzania has proven reserves of over 44 million ounces of gold, with many discoveries around the Lake Victoria Goldfield turning into multi-million-ounce deposits.īolstered by gold-rich greenstone belts, a rich history and growing infrastructure, the Lake Victoria Goldfield is a strategic and significant location for mining. In this infographic from our sponsor Tembo Gold, we dive into the history of the site, examining its significance and gold production to date. One of the most important mining sites in Africa, Tanzania’s Lake Victoria Goldfield holds several multi-million-ounce gold deposits and has ongoing operations by some of the largest gold companies in the world. The History of the Lake Victoria Goldfield
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