By zainab.joaque@awokonewspaper.sl
Freetown, SIERRA LEONE – Amid a surge in the costs of services such as housing, water, electricity, gas, and health, prices increased in February, according to the latest report by Statistics Sierra Leone. However, drops were recorded in the year-on-year inflation rates for nine divisions, while one remained unchanged.
The Consumer Price Index (CPI) report revealed that the Annual National Consumer Price Inflation for February 2024 stood at 42.59 percent, down by 4.83 percentage points from January 2024’s 47.42 percent. In the non-food component, inflation decreased from 45.59 percent in January to 40.96 percent in February, marking a drop of 4.63 percentage points.
The report highlighted the significant impact of services like housing, water, electricity, gas, and health on inflation rates. These sectors saw an increase in inflation rates year-on-year, contributing to the overall rise in prices. The Central Bank has been closely monitoring these services as part of its efforts to control inflation, evidenced by the continued increase in interest rates.
Analysis based on the divisions’ weights showed that Food and non-alcoholic beverages continued to have the most significant impact on inflation, followed by Transport and Health divisions. While Food and non-alcoholic beverages inflation decreased in February, it remained a key driver of inflation.
The national monthly CPI increased from 207.69 in January 2024 to 211.37 in February 2024, resulting in a month-on-month inflation of 1.77 percent. Additionally, the national yearly CPI rose from 148.24 in February 2023 to 211.37 in February 2024, indicating a year-on-year inflation of 42.59 percent.
Despite the overall increase in inflation, nine divisions, including Food and non-alcoholic beverages, Alcoholic beverages, tobacco and narcotics, and Transport, witnessed declines during the period under review. These fluctuations reflect the complex dynamics influencing price movements in Sierra Leone’s economy. ZIJ/15/4/2024