Much progress has been made in the recent past in the achievement of price stability. Wide fluctuations in the rate of inflation have been drastically reduced over time. Inflation rate in the 1980s reached a peak of 44 per cent and a low of less than 1 per cent.
In the 1990s, it attained a high of 14 per cent and a low of 3 per cent. In the last 5 years the highest rate was 7 per cent because of the introduction of VAT coupled with an increase in the VAT rate and the lowest was 4 per cent.