Consequently, wage growth exceeded productivity growth and prices rose faster than in other countries. (Slide 3) These inflation differentials led to divergent developments in international competitiveness and contributed to the accumulation of unprecedented current account positions in the euro area.
However, more than half of that depreciation is attributable to the strengthening of the US dollar against major currencies since the Presidential election in the US, which has led to expectations of higher interest rates in that country. 3  My staff calculates an index of the Uganda Shilling against a weighted basket of Uganda’s trading partners.