As prosperity remains pipedream national inflation soars


December 15, 2016 By Patrick Jaiah Kamara

A release from Statistics Sierra Leone indicates that the national annual inflation rate for October 2016 soared while prices of foodstuff and other commodities continue to rapidly increase across the country.

“This reflects a monthly increase that is greater than the previous month, meaning that prices are increasing at a higher rate. The increase in the price level for October, 2016 was as a result of the continuous slight depreciation of the Leone as against the forex, especially the US dollar,” the release stated.

The Consumer Price Index (CPI) increased from 175.13% in September, 2016 to 177.89% in October, 2016 resulting in a 1.58% increase in inflation rate for the said months.

According to the release, the national annual inflation rate increased slightly from 11.31% in September, 2016 to 12.56% in October, 2016, thus leading to low purchasing power among average Sierra Leoneans.

“Last month it was the Southern Region that topped the inflation rate of 10.4% but it was the turn of the Northern Region that reportedly recorded the highest inflation moving from 11.87% to 13.14%,” stated the release.

The release notes that at national level, there was a slight increase in the index for food (1.45 per cent) due to increase in both imported and local rice, which they attributed to an increase in the cost of food.

“The prices of food especially bread and cereals, meat, fish and seafood, oils and fats, fruits etc. increased in all centres. The other indices that slightly increased were health (2.41 per cent), clothing and footwear (1.63 per cent), restaurant and hotel (1.1 per cent), furnishing and household maintenance (1.56 per cent)) and alcoholic beverages, tobacco and narcotics (1.2 per cent),” he release said.