Monrovia — The political leader of the Alternative National Congress Mr. Alexander Cummings claims that inflation in the country has been averaging over 20% in the last three years.
Report By: Varney Kelvin Sirleaf, Local Voices Liberia Fact Checker
He made the claim during a live Facebook stream as part of his pre-Independence Day message to the nation on July 22, 2021.
The “Country Data”, an International Monetary Fund (IMF) data mapper posted in April 2021, which shows data for real GDP growth and inflation in Liberian from 2001 to 2026, show that inflation in Liberia in 2018 was at 23.5%; in 2019, it was 27% and in 2020 inflation was at 17%.
Further online research conducted also shows data from Satista, a leading provider of market and consumer data located in Hamburg Germany with over 2million followers and 23 million visits every month, shows that in 2018, inflation in Liberia was recorded at 23.55% — a significant increment from the 12.44% recorded in the previous year. In 2019, the rate of inflation in the country further increased to 26.97%.
In 2020, Liberia inflation rate dropped to 16.95%, showing boost for the country’s struggling economy. The African Development Bank in an article titled “Liberia Economic Outlook” written on the account of macroeconomics and financial developments also reported that inflation in 2020 declined to 17%.
Trending Economics, a goods and consumer data collection site, relying on data from the World Bank, states that inflation in both 2018 and 2019 averaged over 20%. However, it noted that there was a reduction in 2020.
Conclusion
With relevant research data collected, inflation in Liberia in 2018 and 2019 averaged over 20%. However, our research shows that the rate of inflation in Liberia in 2020 was 17% which is less than 20%.
Based on these research evidence disclosed above, the claim as made by the ANC Political Leader Mr. Alexander Cummings was found to be partially incorrect. Inflation in the last three years was at 23.55%, 26.97% and 16.95% respectively.
You may contact us to fact check any claim or information relative to Liberia. Contact us on:
[email protected] or WhatsApp: +231880986778
