By Mabinty M. Kamara
Report of the monthly Consumer Price Index (CPI) published by Statistics Sierra Leone has revealed an increase in the inflation rate for April 2021 at 2.73 percent up by 1.89 percentage from 0.84 percent in March 2021.
Last month, the country recorded a low inflation rate of a single digit at since six years ago according to officials of Stats SL. Despite the increase in the monthly inflation rate, it remains a single digit.
“Key findings of April 2021 CPI shows that annual national inflation (year- on-year on) stood at 9.60 percent up by 0.65 percentage point from 8.95 percentage in March 2021; and the monthly inflation is 2.73 percent up by 1.89 percentage point from 0.84 in March, 2021,” the report reads in part.
The National Consumer Price Index (CPI) is the measure of the average price level of selected goods and services in the country. The inflation rate is the percentage rate between the CPI of any two periods which could be monthly, quarterly and yearly known as Year-on-year
Speaking at the launch of the report on Monday 24th May 2021 in Freetown, the Statistician General Professor Osman Sankoh said because data was paramount for national development and for possible adjustment in certain decisions, his institution decided a monthly publication of the CPI which he said was the ideal practice globally.
“If you can do it daily that will be fine so that you can monitor progress over time. We would have even been doing this weekly but monthly is the standard way of collecting and reporting on CPI inflation. So institutions like the Ministry of Finance, the Bank of Sierra Leone can make adjustment as we go along and make their policies,” he said.
He added: “So if we can do that weekly we can do it. Be assured that we are funded with public money and so we want to serve the public and that inflation datas are very important for the country.”
According to the report, the prices of Food and non-alcoholic beverages increased from 15.45 in March 2021 to 15.64 percent in April 2021, with the inflation rate increasing by 0.19 percentage point year-on year.
While housing, water, electricity, gas and other fuel increased from 2.92 percent in March 2021 to 7.39 percent in April 2021. Thus the inflation rate increased by 3.82 percentage point’s year- on –year.
However, health, furniture, household equipment and house hold maintenance, communication, recreation and culture recorded a decline in inflation prices.
The report added that no charges were noticed for education services between March, 2021 and April 2021.
The report noted that in Sierra Leone, prices are collected for 437 items at the prevailing retail market prices from six markets in Freetown and from three markets each from Bo, Kenema, Makeni and Kono for weekly prices. Prices are also collected from other outlets for other items whose prices are less likely to fluctuate weekly.
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