Freetown, SIERRA LEONE – The detailed analysis of August 2023 Consumer Price Inflation (CPI) data, as reported by Statistics Sierra Leone (SSL), reveals an upward trajectory in all regions.
Data released by SSL highlights significant increases in inflation rates across various regions:
The Western region saw an inflation rate rise from 43.93 per cent in July to 52.82 per cent in August 2023.
The Southern region experienced an increase from 47.60 per cent to 52.76 per cent in August 2023.
The Eastern region observed an inflation rate climb from 48.74 per cent in July to 51.68 per cent in August 2023.
The Northern-West region registered an increase from 48.49 per cent in July to 51.01 per cent in August 2023.
The Northern region also witnessed an inflation rate growth from 37.97 per cent in July to 41.72 per cent in August 2023.
At the national level, the monthly CPI surged from 176.00 in July 2023 to 185.34 in August 2023, resulting in a month-on-month (MoM) inflation rate of 5.31 per cent for August 2023.
Furthermore, the national yearly CPI rose from 122.79 in August 2022 to 185.34 in August 2023, indicating a year-on-year (YoY) inflation rate of 50.94 per cent for August 2023. This represents a significant increase when compared to the 44.98 per cent recorded in July 2023.
An analysis of the data reveals that the year-on-year inflation rates for the Western Area, Southern, Eastern, and North-West regions surpass the national estimate for August 2023, while the Northern region’s estimate falls below the national average.
It’s worth noting that three regions had also shown upward movement in the last CPI data released in August. The Eastern region saw an increase from 46.74 per cent in June to 48.74 per cent in July 2023, the Northern region rose from 37.42 per cent in June to 37.97 per cent in July 2023, and the Western region climbed from 42.56 per cent in June to 43.93 per cent in July 2023.
These trends in regional CPI indicate the complex economic landscape and price dynamics across Sierra Leone, with inflationary pressures impacting all regions to varying degrees. Policymakers and stakeholders will need to consider these developments as they navigate the country’s economic landscape. ZIJ/2/10/2023