Gambia’s Consumer Price Index For November

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Gambia’s Consumer Price Index For November

Monday, 02 January 2012 23:57

(JollofNews) - The Overall Consumer Price Index for November 2011 was 135.51, up 0.22 per cent from October’s figure of 135.21. On a year to year (yoy) basis, the Index was up 4.31 per cent. On a month to month basis, with the exception of ‘Health’, ‘Communication’ and “Education” whose prices remained unchanged, all the other items in the basket had experience price increases.

The greatest increases were in the prices of ‘Fish’- 0.45 per cent, ‘Footwear’ – 0.43 per cent and ‘Fruits & Nuts’ -0.42 per cent.

On a year to year basis, the greatest increase is in the price of “Oils and Fats’ which has increased by almost 10 per cent

Money Market Updates
Yields on all tenors were up at this week’s auction. The yield on the benchmark 91-day bill edged up 10bps to close the year at 8.07 per cent. The yield on this GAMBIA_MONEY_MARKET_NEWS_LOGO

bill has endured a battering over the course of the year and is down 20.10 per cent below the year opening price of 10.10 per cent.

Compared to last week, the yield of the 91-day (s/s) bill was up 38bps to 9.07 per cent. The bill was the only tenor over-subscribed at the auction. The yield on the 182- day bill was up 67bps to 10.18 per cent.

At the longer end of the market, the yield on the one-year note was up 27bps to 11.85 per cent. This yield is a shade under 10 per cent the year opening yield of 13.09 per cent for the note.

Currency Market Updates
Dalasi Stable in the Parallel Market: Compared to last week’s prices in the Parallel market, the Dalasi remained unchanged at this week’s close. It was quoted at D29.75 against the Dollar, D46.75 against the Pound Sterling, D38.50 against the Euro and D295.00 against the CFA franc (5000).

There were however mixed movements in the Interbank market. The local currency remained unchanged against the CFA franc (5000) at D295.00, depreciated by 5bututs and 7bututs against the Dollar and the Pound to close at D29.88 and D46.70 respectively, and appreciated by 2bututs against the Euro to D40.93.

Local News
The matching grant facility scheme of The Gambia Growth and Competitiveness Project (GCP) was officially launched on Tuesday. The GCP is a government’s strategy financed through a Specific Investment Loan by the International Development Assistance grant at a tune of US$12m. The five year project seeks to contribute towards sustaining the growth of the economy and enhance poverty reduction through private sector-led growth.

Comments

-4 #6 2012-01-05 20:00

Well lte me tell you guy's, Mambury Njie, has what it take to be where he is today, he was a "six former" from Gambia High, then to the USA, to further his studies and finally got degree's and went home to put his quota, so have some respect and learn from him, instead of trying to blame him, and you have no answers. He works with Momodou Sabally, the Budget Director, who is very smart aswell, so please give us a better analys, if you got a better one.

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+5 #5 2012-01-04 00:17

Consumer Price Index (CPI) is calculated by gathering the average price paid for a “market basket” of goods and services purchased by urban households.

It would be interesting to know which goods and services are used by Gambia’s Central Bank in their CPI calculations.

My basic Math is not good, but my wallet sure knows that average prices increased more than 4.3% since last year.

Also, why is this “news” so old, it is waaaaay past November guys???

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+4 #4 2012-01-03 19:21

Bax & Patriot have said it all. The Dalasi exchange rate seems fixed/pegged for a COVER-UP & doesn’t reflect the REALISTIC devastated state of our economy. This is to deceive in their so-called “robust growth in economy” as we last saw in finance minister Njie’s farce of 5.5%? The TRUE foreign exchange rates of the ‘weak Dalasi’ will be far more than what is currently obtained if the rates are determined by the REAL state of our battered-economy under yaya jammeh’s mismanagement over the years. They can BEAUTIFY & deceive in their speeches but cannot cover the small prints which show the REALITY on the ground exposing their FALSEHOOD over the years. SHAME on yaya jammeh & cohorts helping in his DIRTY works of falsifications; doing disservice to the nation.

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+5 #3 2012-01-03 08:08

Gambianpatriot....I don't know if you are an economist,but for common people like me,it baffles me how these stats and figures,which do not reflect the reality on the ground,are arrived at..

For many,unless these impressive growth figures and stats translate into better and affordable living standards,they will mean nothing at all. Not even worth the paper they are written on...

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+5 #2 2012-01-03 06:00

*Correcton*
I think the CPI and GDP indices of The Gambia are the biggest joke in statistics today. A bag of rice in Gambia today is GMD 1025. Two years ago, a bag of rice was GMD 700. That is close to a 50% increase in this staple. In a country in which the average monthly wage is about GMD 1500, it is impossible for the CPI to be "4.31%". Another joke is the stat indicating The Gambian economoy consistently growing at 5-6% per annum. Given the sorry position of the country in the Human Development Index of the UN, this kind of economic growth only exists in the fervent mind of some bureaucrat inventing the numbers out of thin air.

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+2 #1 2012-01-03 05:57

I think the CPI and GDP indices of The Gambia are the biggest joke in statistics today. A bag of rice in Gambia is GMD 1025. Two years ago, a bag of rice was GMD 700. That is close to a 50% rice in this staple. In a country in which the average monthly wage is about GMD 1500, it is impossible for the CPI to be "4.31%". Another joke is the stat indicating The Gambian economoy consistently growning at 5-6%. Given the sorry position of the country i the Human Development Index of the UN, this kind of economic growth only exists in the fervent mind of some bureaucrat inventing the numbers out of thin air.

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