Statistics reports increased in inflation rate

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October 23, 2018

By Ishmael Sallieu Koroma

Statistics Sierra Leone has stated the monthly Consumer Price Index (CPI) increased from 242.05 percent in August to 246.03 percent in September, resulting in 1.64 percent inflation.

According to a release from Statistics, the monthly rates of inflation increased in all the regions with the Western Area recording 1.65 percent, Northern Region 1.69 percent, Southern Region 1.95 percent and the Eastern Region 1.17 percent.

The press release further states that the national year-on-year inflation increased from 18.22 percent in August to 19.23 percent in September.

“Again, the year-on-year inflation increased in the Southern Region from 20.53 percent in August, 2018 to 21.35 percent in September, 2018. In Western Area from 17.18 percent in August, 2018 to 18.01 percent in September, 2018,Northern region from 19.18 percent in August, 2018 to 20.69 percent in September, 2018 and in Eastern region from 16.90 percent in August, 2018 to 17.80 percent in September 2018.”

According to the release, the southern region year-on-year inflation rate was above both the other regions and national inflation rates.

“This shows that the Southern Region is still taking the lead in the year-on-year inflation followed by the Northern region. The year-on-year inflation rates in all the regions have slightly increased in the month of September, 2018 when compared to August, 2018.”

The release indicated that the monthly price inflation of 1.64 percent reflects a general increase in the price level in all the four regions and that it most affects the components in the CPI basket.

Statistics Sierra Leone noted that increase in education, clothing and footwear in all the regions for the month of September was as a result of the reopening of schools.

 “Nevertheless, we observed a slight decrease in the food index in the month of September when compared to the increase in August, 2018. 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.’’

According statistics, all prices collected were the prevailing retail market prices from six (6) markets in Freetown and three (3) markets each in Bo, Kenema, Makeni, Kono for weekly prices and other outlets for monthly items whose prices were less likely to and fluctuate rapidly.