Somalia Inflation Rate Quickens to 7-Month High of 5.9%

The annual inflation rate in Somalia accelerated for the third month to 5.93% in August 2024, the steepest in seven months, up from 5.54% in the prior month.

Prices accelerated primarily for communication (42.7% vs 41.6% in July); restaurants & hotels (32.2% vs 28.1%); miscellaneous goods & services (23.2% vs 21.8%); clothing & footwear (22.6% vs 18.1%); and housing & utilities (6.9% vs 6.8%).

Conversely, prices continued to fall for tobacco & narcotics (-12.2%, the same pace as in July); education (-6.2% vs -1.1%) and food & non-alcoholic beverages (-1% vs -1.2%).

On a monthly basis, consumer prices fell by 1.23% in August.