By zainab.joaque@awokonewspaper.sl
Freetown, SIERRA LEONE – According to Statistics Sierra Leone’s recent analysis of Month-on-Month (m-o-m) inflation rates, all five regions of the country have experienced declines.
In January 2024, the North-west region recorded an inflation rate of 52.94 percent, which dropped to 44.79 percent in February 2024. Similarly, the Southern region saw a decrease from 49.60 percent to 46.53 percent, the Western region from 48.97 percent to 43.82 percent, the Eastern region from 44.83 percent to 42.05 percent, and the Northern region from 37.18 percent to 32.59 percent over the same period.
A comparison of year-on-year inflation rates revealed that the Southern, North-western, and Western regions surpassed the national estimate for February 2024, while the Eastern and Northern regions’ estimates fell below. The Statistician General highlighted that the national estimate exceeded those of the Eastern and Northern regions but remained below the estimates for the other regions.
The February Consumer Price Index (CPI) report explained that the National CPI tracks the average price changes of goods and services purchased by households in various regions, including Freetown, Bo, Kenema, Kono, Makeni, Port Loko-Kambia. Data is collected from multiple markets, covering at least 440 items, with a focus on both weekly and monthly price fluctuations.
Using the Modified Laspeyres formula and the Classification of Individual Consumption by Purpose (COICOP) with 12 functions, Sierra Leone has recently updated its CPI to December 2021. This update includes an expanded basket of items and increased coverage in the North-West region, reflecting the country’s commitment to accurately monitoring inflation and economic trends. ZIJ/15/4/2024