On October 7, Deputy Minister Dehpue Zuo appeared on Prime FM and made several claims about Liberia’s economy, specifically inflation, while comparing what the Unity Party (UP) government inherited from the Coalition for Democratic Change (CDC).
Among other things, he claimed that at the end of 2017, Liberia’s inflation rate was 12.4 percent, but when the CDC government took power in 2018, inflation rose to 18 percent and later worsened to 27 percent. George Weah of the CDC was sworn in as President of Liberia on January 22, 2018.
He further asserted that the UP met inflation at 10.1 percent, reduced it to 8.2 percent in 2024, and that the current inflation rate is 5.6 percent.
Zuo, who is Liberia’s Deputy Minister for Economic Management at the Ministry of Finance, made these claims while highlighting the Boakai-led government’s efforts to keep inflation under control.
According to the International Monetary Fund (IMF), inflation measures how much more expensive a set of goods and services has become over a certain period, usually a year.
The claim
Deputy Min. Zuo’s exact statement: “When the CDC government took over in 2018, the inflation they met at the end of 2017 was 12.4 percent. When they took power, unfortunately, inflation went as high as 18 percent, and it got worse to 27 percent under the CDC government.
“As we speak today, with all the arguments they are putting forth, we met them [CDC’s inflation] at 10.1 percent, we brought it down to 8.2 percent in 2024, as we speak, the current inflation rate is 5.6, we are in single digits, we have not gone double.”
Claim 1: Was Liberia’s Inflation Rate at the End of 2017 12.4 Percent?
Rating Justification
To verify this claim, we first reviewed the official website of the Liberia Institute of Statistics and Geo-Information Services (LISGIS), but we found no publicly available data on the inflation rate for 2017.
LISGIS is the government agency responsible for collecting, analyzing, and disseminating statistical and geographic data to support national planning and development in Liberia.
We then examined the Financial & Economic Bulletin published by the Central Bank of Liberia (CBL) for October–December 2017, which covers the end of the year.
The Financial & Economic Bulletin is published quarterly and provides data and analysis on Liberia’s economic performance, including inflation, monetary policy, fiscal operations, trade, and the financial sector.
The data show that in December 2017, Liberia’s inflation rate stood at 13.9 percent (approximately 14 percent), not 12.4 percent as stated by Zuo.
A similar figure was also reported by the IMF here.
Conclusion
Based on these findings, we conclude that Zuo’s claim that Liberia’s inflation was 12.4 percent at the end of 2017 is incorrect. While inflation was high, the actual figure was 13.9 percent.
Claim 2: Did Liberia’s Inflation Rise to Around 18 Percent When CDC Took Office?
Rating Justification
To verify this claim, we reviewed the CBL’s Financial & Economic Bulletin for January–March 2018, covering the period before and immediately after the CDC took office.
By February 2018, shortly after the inauguration, inflation had risen to 17.8 percent. By the end of the first quarter in March, it had increased further to 19.4 percent.
Conclusion
Based on these findings, Zuo’s claim that inflation rose to around 18 percent when the CDC took office is mostly correct. At the end of February 2018, shortly after the inauguration, inflation had risen to 17.8 percent. By the end of the first quarter in March, it had increased further to 19.5 percent
Claim 3: Did Inflation Reach 27 Percent Under the CDC Government?
Rating Justification
To verify this claim, we also reviewed the CBL’s Financial & Economic Bulletin and the Liberia Consumer Price Index (LCPI) by LISGIS, covering January 2018 to January 2024 (the CDC’s period in power).
Our review found that in November 2018, year-on-year inflation rose to 27.1 percent, and increased further to 28.5 percent in December 2018.
In May 2019, inflation again surpassed 27 percent, a trend that continued through October 2019.
In 2020, inflation did not exceed 27 percent, with the highest figure recorded at 25.76 percent in February that year. January recorded an inflation of 23.56 percent, March recorded 21.75 percent while April recorded 22.51 percent.
The highest inflation in 2020 was 25.79 percent but did not surpass the 27 percent Mr. Zuo mentioned
In January 2021 the yearly inflation stood at 12.92 and it later reduced to 10.5 in Febuary that same year. The remaining months in 2021 were all in single digit.
2021 highest inflation was 12.92 percent and did not surpass 27 percent Mr. Zuo mentioned
In 2022, the highest rate of inflation was 9.51 and was recorded in March. The remaining rate of inflations for the other years fall below this number.
Also, in 2023, inflation remained below 27 percent, with the highest figure recorded that year was 12.36 percent.
Conclusion:
Based on this review, we conclude that Zuo’s claim that inflation reached 27 percent under the CDC government is correct, particularly in late 2018 and mid-2019 inflation rose as high as 27.1 and 28.5 percent respectively.
Claim 4: Was the Inflation Rate 10.1 Percent When CDC Turned Over Power to UP?
Rating Justification
The Coalition for Democratic Change (CDC) handed over power to the Unity Party (UP) on January 22, 2024, during the inauguration of President Joseph Nyuma Boakai. A review of the CBL Financial & Economic Bulletin and LCPI by LISGIS from January to February 2024 shows that in January 2024, inflation stood at 10.52 percent, and by February 2024, it had risen to 10.74 percent.
Conclusion
Based on this data, we conclude that Zuo’s claim that inflation was 10.1 percent when UP took over is incorrect. While it was close, the actual figure was 10.74 percent.
Claim 5: Is Liberia’s Current Inflation Rate 5.6 Percent?
Rating Justification:
To verify this claim, we reviewed the LCPI by LISGIS for August 2025, which is updated monthly.
The review shows that the inflation rate stood at 5.6 percent, consistent with Zuo’s claim. We could not include the CBL’s Financial & Economic Bulletin because it has not been updated since July 2025.
It is important to note that the September inflation rate which currently stand at 4.7 was recently updated after Mr. Zuo made the claim.
Conclusion:
Based on this findings, we conclude that the claim made by Deputy Minister Zuo that Liberia’s current inflation rate is 5.6 percent is correct. A review of the country’s inflation rate published by LIGIS between the time he made the statement stood at 5.6 percent.
