Jan 13, 2014, 9:27 AM
(Friday 14th February 2020 Issue)
The Gambia Bureau of Statistics (GBoS); the compiler of national consumer price and indicator of inflation used by monetary and fiscal agencies, business, and researchers will release the national consumer price indices tomorrow Saturday.
This week, the Bureau trained media personnel and stakeholders on compilation of the national consumer price with the objective to introduce the participants to the methodological compilation of the consumer price.
Mawdo Gibba, a price statistician said consumer price index is the social and economic indicator to construct and measure changes over consumer price over time.
‘‘The Consumer Price Inflation (CPI) is to measure inflation of the economy, so that macroeconomic policy is based on comprehensive and up to date information within the household consumers,’’ he said.
Mr. Gibba also stated that some COLCOP classes contain both goods and services because practical reason weight is difficult in the CPI which represents the proportions of consumption expenditure on products by households in a specific period.
He added that alcohol beverage, health, clothing, footwear, transport and communication are individual consumption services which are all classification of COLCOP.
Fatou Darboe, another price statistician said the updated and expanded CPI basket of goods and services and rate of inflation from January 2019 to December 2019 as measured by using the current August 2004 index is 7.3 percent, saying the update January 2019 series is 3.2 percent with 4.1 percent different.