ERHC Energy Inc (ERHE)

[RubyMartin]

Sao Tome and Principe’s inflation 21.1 percent in September [ 2006-11-16 ]


Sao Tome, Sao Tome and Principe, 16 Nov – The inflation rate in Sao Tome and Principe reached 21.1 percent in September, according to a statement issued Wednesday by the archipelago’s National Statistics Institute (INE).

The statement said that consumer prices rose 0.4 percent in September, or 0.7 percentage points less than the 1.1 percent rise recorded in August.

Year on year, prices rose 25.6 percent, or almost double the 13 percent rise posted in September 2005, against the same month of 2004.

According to Sao Tome’s INE, in the year ended September the greatest monthly price changes took place in February, March and April, with rises of 3.7, 4.3 and 5.1 percent, respectively.

In an explanatory note, INE said the level of inflation was due to fuel price rises, the increased value of the euro (currency used in commercial transactions), a fall in availability of fruit and vegetables and the cost of the presidential and legislative elections.

The constant increase in inflation has affected Sao Tome and Principe's capacity to fulfil the requirements of the World Bank and the International Monetary Fund (IMF) as part of a macroeconomic balancing policy, which aims to obtain a pardon for the archipelago's foreign debt, valued at over US$300 million. (macauhub)