The monetary policy committee indicated in its press release of February 2024 that food inflation went down to 21.0 percent in December 2023 from 23.8 percent in October 2023 and 24.9 percent in June 2023. Interestingly enough the price of ‘sadam’ rice rose to D3500, a rise of D1000 from its previous price of D2500.
The consumer price index should be revisited to capture the escalating prices as the country moves into the month of fasting for both Muslims and Christians. The public are entitled to know what is responsible for the sharp increase in prices for essential commodities.
The country needs a monitoring mechanism that will enable the public to get official information on the prices of the various essential commodities and the customs and excise duties imposed on them before they are sold in the local market. This will earn consumers with facts as they bargain for fairer prices.
