The Somalia National Bureau of Statistics (SNBS) has released its Consumer Price Index (CPI) report for the month of June 2023. According to the report, Food and Non-Alcoholic Beverages experienced a monthly decrease of 1.52 percent during the month of June 2023 compared to an increase of -0.31 percent in the previous month of May 2023.
The decrease in prices was due to a decrease in the prices of some foodstuffs, resulting in a decrease in the year-on-year inflation to 0.36 percent in June 2023 compared to the year-on-year inflation of 2.26 percent experienced in May 2023, as reported by SNBS.
Housing, Water, Electricity, and Gas also registered a monthly decrease of 0.75 percent during the month of June 2023. However, Housing rent, electricity recorded an annual increase of 16.41 percent in June 2023, according to the agency.
The upward contribution came from prices on electricity, gas, and fuel (+21.55%).
The report also showed that Communication, Health, Transport, and Clothing and Footwear recorded an increment of 13.63 percent, 10.56 percent, 9.08 percent, and 16.41 percent, respectively.
These increases could be attributed to various factors such as the cost of fuel, transportation, and healthcare services.
Despite the decrease in consumer prices for food and non-alcoholic beverages, Somali citizens are still facing challenges in accessing basic necessities due to the ongoing conflict in the country and the impact of the COVID-19 pandemic. The SNBS report highlights the need for continued efforts to improve the economic and social conditions of the Somali people.
The Somali government and international partners have been working to promote economic growth, create job opportunities, and address the root causes of poverty and inequality. The government has also been implementing policies to improve the business environment and attract investment to the country.