Somalia Inflation Rate Eases to 3-Month Low

2024-10-20 09:38 By Chusnul Chotimah 1 min. read

The annual inflation rate in Somalia slowed for the first time in four months to 5.33% in September 2024, down from August's seven-month high of 5.93%.

It marked the lowest inflation rate since June, due to a slowdown in prices of housing and utilities (3.4% vs. 6.9% in August), communication (22.1% vs. 42.7%), and miscellaneous goods and services (22.5% vs 23.2%).

Meanwhile, prices accelerated for restaurants and hotels (41.3% vs 32.2%) and clothing and footwear (23.3% vs. 22.6%).

In contrast, prices continued to drop for food and non-alcoholic beverages (-0.2% vs -1%), tobacco and narcotics (-12.2%, the same pace as in August), and education (-6.2%, the same pace in the prior month).

On a monthly basis, consumer prices rose 0.2%, rebounding from a 1.2% drop in August.



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