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Inflation high in Liberia, says IMF official

Written by Horatio Bobby Willie

Friday, 07 November 2008

The International Monetary Fund says inflation has increased in Liberia drastically.

IMF mission head to Liberia told a news conference inflation has increased to bout twenty percent, blaming it on the high prices of food and petroleum products.

Mr. Robert Powell said based on a projection by the IMF, Liberia’s inflation rate could drop to a single digit by the end of 2009.

According to the IMF Mission Head, assessment of the Liberian economy showed that economic activity remains improved despite high food and fuel prices.

Mr. Powell said real GDP growth of around seven percent in 2008 is expected to be driven by higher production of rice and local timber as well as in construction services.

He said minus the high prices of food and fuel, which is gradually experiencing a decline, the country’s core inflation is around seven percent at the moment.

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