It is important to note that the CPI is a basket of several goods and services including food and non-alcoholic beverages. The prices of food and non-alcoholic beverages in the CPI declined by 4.14% in one month, from 19.59% in February 2021 to 15.45% in March 2021.
We have used both quantitative and qualitative methodology to study the trends of prices of food in Sierra Leone. Our findings suggest that food prices usually go up and rarely go down.
In our recent survey on the perception and opinion of food traders and consumers on trends of food prices, we covered over 300 participants residing in the capital city Freetown. Majority were consumers (70%) compared to traders (30%).
Only 1 in 10 respondents say they had experienced at least once decline in food prices since 2017. Consumers (95%) are more likely to say food prices usually go up and rarely go down compared to traders (90%).
Moreover, we observe that the price of a 50kg bag of rice, the most consumed staple in Sierra Leone, has increased by 75% in four years, from Le200,000 (about $20) in 2017 to Le350,000 (about $35) in 2021.
Furthermore, a Peak tin powered milk (400g) used to cost Le25,000 in 2017, is now sold at Le50,000, a 100% price inflation.
Sierra Leone usually suffers greatly from high food prices, especially during rainy seasons when prices of basic food commodities including the staple rice usually go through the roof in a country classed by the World Bank one of the poorest in the world.
Data from Bank of Sierra Leone shows that the value of the local currency, the Leone, depreciated by 4.30% in 2020.
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