August 24, 2018
Statistics Sierra Leone has reported that the national monthly Consumer Price Index increased from 234.13 percent in June, 2018 to 238.79 percent in July, 2018 resulting in 1.99 percent inflation.
The July CPI indicates that the monthly price inflation of 1.99 percent reflects a general increase in the price level in all the four regions which affected most of the components in the CPI basket.
“Western Area (2.52 percent), Northern Region (1.25 percent), Southern region (1.76 percent) and the Eastern Region (1.99 percent) comprising two centres, Kenema (1.71 percent) and Kono (2.26 percent) during the same period.”
According to the July CPI, there was a slight increase in food and non-alcoholic beverages(1.04 per cent), clothing and footwear(1.54 per cent), housing, water, electricity, gas and other fuels(6.51 per cent), health (1.53 percent), transport(7.90 percent), alcoholic beverages, tobacco and narcotics (1.54 percent), furniture, household equipment and household maintenance(2.21 per cent), restaurant and hotels(2.59 per cent), education(0.69 per cent), miscellaneous goods and services (0.41 percent), communication(0.66 percent) and recreation and culture(0.69 per cent).
The indices indicates that the general increase in the price level especially the food, transport, housing, water, electricity, gas and other fuels and furniture, household equipment and household maintenance was due to the steady depreciation of the Leone which has translated into inflationary expectations and increasing prices, reinforced by an increase in the price of fuel from Le 6,000 to Le8, 000(33.3 per cent increase).
“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. However, food prices seemed to have increased in July at a slower rate when compared to increase in June, 2018.”
Also, the national year-on-year inflation for July, 2018, increased from 16.57 per cent in June, 2018 to 17.71 percent in July, 2018, and that the year-on-year of inflation increased in the Eastern region from 16.19 percent in June, 2018 to 17.09 percent in July, 2018, in North region from 19.06 percent to 19.29 percent, in Western Area from 14.31 percent to 16.32 percent and in Southern region from 19.07 percent to 19.44 percent.
The institution continues that the Eastern region and western Area year-on-year inflation rates were below the annual national inflation while the two other regions (North and South) annual inflation were above the year-on-year national inflation rates.
“The Southern region is now taking the lead in the year-on-year inflation followed by the Northern region.”
Statistics noted that the National CPI measures the change in prices, on average, from month to month, of the goods and services bought by households, in Freetown, Bo, Kenema, Kono and Makeni and include all expenditure groups.
“Prices are collected for 400 items. All prices collected are the prevailing retail market prices from six (6) markets in Freetown and, three (3) Markets each in Bo, Kenema Makeni and Kono for weekly prices and other outlets for monthly items whose prices are less likely to fluctuate rapidly.
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We are using the Modified Laspeyres formula to compute indices according to the Classification of Individual Consumption by Purpose (COICOP) with 12 functions.”