The inflation rate for July 2016 moved upwards from 10.16 percent in June to 10.53 percent in July. Likewise, the monthly rate increased slightly from 272.34 percent in June to 275.82 percent in July 2016.
“The increase in the price level for July 2016 was as a result of the steady depreciation of the Leone as against the foreign currencies especially the US dollar,” the release from the statistics agency says.
The buying price of the US Dollar on the parallel market is Le7,000 and Standard Chartered Bank in Freetown buys at Le6,550 and sells at Le6,850. The exchange rate has a domino effect on prices including locally grown food items. When the exchange rate is up, it is expected that prices will be up but when it is down it does not normally mean in the Sierra Leone [...]