Sierra Leone’s Inflation Rate Drops to 13.78% in December
Sierra Leone’s national inflation rate experienced a significant decline, dropping by 1.63 percentage points to 13.78% in December 2024, down from 15.41% in November, according to the latest Consumer Price Index (CPI) report from Statistics Sierra Leone.
This decrease reflects a notable shift in the country’s economic landscape, with key sectors showing signs of stabilization, providing much-needed relief to consumers.
The food and non-alcoholic beverages sector, which constitutes 40.3% of the CPI, played a significant role in this decline.ear-on-year inflation for this category fell by 0.84 percentage points, from 14.73% in November to 13.89% in December.
Analysts attribute this trend to improved agricultural production and a potential cooling of demand as consumers adapt to evolving economic conditions.
Additionally, the housing, water, electricity, gas, and other fuels sector, accounting for 8.9% of the CPI, saw a substantial decrease of 14.04 percentage points, dropping from 26.41% in November to 12.37% in December.
Regionally, four areas reported downward trends:
– Eastern region: decreased from 16.52% in November to 14.70% in December.
– Northern region: decreased from 17.37% to 13.98%.
– Southern region: decreased from 17.66% to 14.62%.
– Western region: decreased from 14.82% to 13.61%.
Conversely, the North-west region experienced a slight increase from 12.19% to 12.31% during the same period.
Overall, the headline year-on-year inflation rate demonstrated a downward trend throughout 2024, offering a positive outlook for Sierra Leone’s economic stability.
