Running to the 2018 Elections in the country, the Sierra Leone Peoples (SLPP) party did campaign on the ticket of stabilizing the “bread and butter” issue which is of paramount concern to every Sierra Leonean as their (SLPP) current Minister of Finance (JusuSaffa) used to point out.
Several economic reforms have been made off late by the Bio’s administration which is geared towards cushioning the economic hardship in the country.
Despite these economic reforms, the economic situation remains unfavorable as the reforms are not reflecting on the lives of ordinary Sierra Leoneans.
According to the Consumer Price Index (CPI) report by Statistics Sierra Leone (SSL), the inflation rate in the country is yet to be cushioned by government.
The national monthly CPI (2008=100) increased from 253.85 percent in December, 2018 to 257.25 percent in January, 2019 resulting in 1.34 percent inflation this month, the report (CPI) stated.
The report (CPI) stated that there is an increase in the rate of inflation in the Western Area, the Eastern Region, and Northern Region with the exception of the Southern Region.
“The Eastern region 1.46 percent comprising two centres Kenema1.17 percent and Kono 1.72 percent, Northern Region 1.34 percent, Western Area 1.29 percent while Southern Region decreased by 1.36 percent when compared within the period,” indicated Statistics Sierra Leone.
The report also pointed out that the inflation rate in the country is a result of the lack of control over foreign currency (the US Dollar) which continues to dominate the price of the Leones.
“The increase on food, clothing and footwear, furniture, household equipment, alcoholic beverages, tobacco and narcotics, housing, water, electricity, gas and other fuels and restaurant and hotels indices in all the centers, was as a result of depreciation of the local currency as against the foreign currency especially the US Dollar,” the report stated.
The CPI further showed that the decrease in the pump prices of fuel that was recently announced by the government has not reflected on the transport fare and other commodities in the CPI basket and has far less impact on the index.
A monthly inflation of 1.34 percent reflects a general increase in the price level in all the four regions hence affected most of the components in the CPI basket, the report stated.