January 12, 2017 By Ibrahim K. Turay & Elizabeth Kaine
Statistics Sierra Leone has pegged the increased in the prices of foodstuff on the official increase in the pump price of petroleum products from Le3,750 to Le6,000 per litre, thus resulting into an increase in the cost of transportation service.
A release issued on 22 December, 2016 states that the national monthly Consumer Price Index (CPI) increased from 177.89 in October, 2016 to 182.74 per cent in November, 2016, resulting in a 2.73 per cent increase in inflation rate for November, 2016.
Late last year the government of Sierra Leone removed subsidy on petroleum products on the advice of International Monetary Fund (IMF), a decision that led to the increase in the pump prices of fuel in the country.
“This resulted into an increase in the cost of transport services and it has also brought about increases in the prices of most goods and services as producers responded to the increase in the cost of production by increasing prices of their goods,” the release said.
According to the release, the hike in foodstuff for the past three months was also reinforced by the depreciation of the Leones as against the United States Dollar.
The release reiterated that the national monthly Consumer Price Index (CPI) increased from 177.89 per cent in October, 2016 to 182.74 per cent in November, 2016 resulting in a 2.73 per cent increase in inflation rate and that the monthly rates of inflation increased in all the regions.
The Eastern Region reportedly topped the monthly chart inflation with 3.71%increase and also the year-on-year rates of inflation that increased from 11.85% to 15.77%.
While the released noted that there was a significant increase in both imported and local goods including bread, cereals, meat, fish and seafood, it also confirmed an apprehension about housing, water, electricity, gas, clothing, and footwear among others.