Food price inflation in Sierra Leone rose up to 50% between April 2022 and March 2023, according to data from the World Bank Food Security Update published on Thursday. Also, the country was listed among the top ten (10) countries with the highest food price inflation, accounting for more than 30% of increase in food prices over the reporting period.
Food Price Inflation (FPI) is determined by measuring how much more expensive food has become over the reporting period. Food inflation for each country is based on the latest month from December 2022 to March 2023 for which the food component of the Consumer Price Index (CPI) and overall CPI data are available. Real food inflation is defined as food inflation minus overall inflation.
The World Food Programme had earlier indicated that the country was experiencing a food crisis with more than 4 million (66%) people – the majority of whom live in rural settings, already battling with hunger as the prices of staple foods (rice, cassava, etc.) quadrupled.
Earlier in March, the Monetary Policy Committee (MPC) of the central bank chaired by Ag. Bank Governor Dr. Ibrahim L. Stevens reported that headline inflation increased from 37.1 percent in December 2022 to 42.7 percent in February 2023. The MPC said the high inflation reflects the depreciation of the currency, the protracted effects of the Ukraine-Russia War, tight global liquidity conditions, domestic supply side constraints and high commodity prices.
