Dynamic Inflation and The Impact of Household, Somaliland

Somaliland’s economy is making steady recovery, shaking off the adverse effects of Covid-19 to record 3% growth in the quarter June. Inflation was moderate between 2.4% to 3% in the 1st and 2ndquarter of the year, with the Consumer Price Index (CPI), but headline inflation rate picked up in the 3rd quarter 4.5% with rising steadily recently skyrocketing for essential commodity and fuel prices during the month’s September to November, 2021. With respect to the volatile components inflation rate has been increasing slower in second six months on this year compared to the same period last year. 

Somaliland is independent state in the Horn Africa, which stands for peace, democracy, stability, prosperity and cooperation in the region, officially declared independence from Somalia in 1991, but still not recognized. Somaliland’s GDP amounted to $2.5 billion with GDP Per Capita estimate yearly $566 and on living less than $1.5 per day (PPP). Somaliland economy has been hit hard by Covid-19, locust, pilgrimage restrictions and traffic disruption. 

In the first six months of this year 2021 recorded a trade deficit $871,253,277, with imported $1,017,962,753 worth of goods and exported $146,709,476. Due to the country high depend on imports this was led to instability and imbalance trade.

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