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Momodou
Denmark
11835 Posts |
 Posted - 25 Oct 2006 : 21:54:55
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CORE INFLATION RISES TO 1.4%
By Bubacarr K. Sowe
Core Inflation, which excludes prices of energy and other food items, has risen slightly to 1.4 percent compared to 1.3 percent in July 2005 said reports from the Central Bank of The Gambia (CBG).
According to a report from the Bank’s Monetary Policy Committee (MPC) inflation remains low and non-volatile. “End period inflation, measured by the Consumer Price Index (CPI), was 1.4 percent in July 2006. The 3.6 percent increase in non-food consumer price inflation was offset by 0.1 percent decrease in food prices,” say the MPC.
It also say that revised projections indicated a balance of payments (BOP) surplus of D240 million (US$8 million) in 2006, but lower than the surplus of D320.9 million (US$11.2 million) in 2005. This is reflected in the main projected decline in the capital account surplus and widening of the current account deficit.
“Gross International Reserve was estimated to increase by D168 million (US$ 6.0 million) to D3 billion (US$99.2 million) against D2.7 billion (US$ 93.7 million) in 2005. The Gambia is current on all its debt service obligations,” revealed the MPC.
The Committee added: “Domestic revenue totaled D760.1 million in the second quarter of 2006, higher than the target by D3 million. This was mainly as a result of buoyant tax revenue, which exceeded the budget estimate by D61.5 million, net lending totaled D1.1 billion and was below the ceiling by D78.2 million, or 7.1 percent. The overall budget deficit (excluding grant) of D336.9 million, was lower than the budget estimate of D418.1 million.”
Source: Foroyaa Newspaper Burning Issue
Issue No. 91/2006, 25-26 October, 2006
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