Sierra Leone’s Consumer Price Index (CPI) showed significant changes in inflation rates In August 2024 compared to July 2024. The annual national consumer price inflation decreased to 25.49% from 29.45%, indicating a cooling of inflationary pressures. However, the monthly inflation rate rose to 2.08% from 0.93%, reflecting short-term price pressures, especially in food and non-alcoholic beverages.
Food and non-alcoholic beverages’ annual inflation fell from 24.75% to 22.75%, while non-food inflation dropped from 33.61% to 27.89%. Despite these declines, miscellaneous goods and services saw an increase from 21.74% to 23.06%.
On a month-to-month basis, food and non-alcoholic beverages’ inflation increased from 1.70% in July to 3.26% in August, possibly due to seasonal factors or supply chain disruptions.
In summary, while annual inflation rates show a downward trend, the rise in monthly inflation highlights ongoing challenges in specific sectors, indicating that economic stability remains fragile.
