The Gambia’s inflation rate accelerated in August to 12.9% from a year ago compared with 12.3% in July, according to data from the Gambia Bureau of Statistics.
Food and non-alcoholic beverages prices rose by 16.86% on the year, while alcoholic beverages, tobacco and narcotics prices increased by 24.52% in the same period.
Prices of housing, water, electricity, gas and other fuels increased by 6.12% from August last year, as transport prices accelerated to 19.32% in the same period.
Meanwhile, expenditure on education rose highest by 46.92% from a year ago.
According to the Central Bank of The Gambia (CBG), the inflation rate is driven mainly by a surge in the prices of food items such as cereals, vegetables, and fish.
Non-food drivers of inflation include alcoholic beverages, health care, books and stationery, housing, electricity, and other fuels, the Bank said in a September 1 statement.
The CBG raised interest rates by 100 basis points to 12%, and revised the forecast for economic growth this year to 5.2%, from 4.7% forecast in May.
The upward revision is based on “better-than-anticipated recovery in tourism, private sector credit, public sector investment and steady private remittance inflows”, the Bank said.
