Page 8 - THE 2024-25 MID-YEAR BUDGET REVIEW STATEMENT

prices following lower than expected agricultural output

during the 2023-24 agricultural production season. The

scarcity of foreign currency on the local market has also

contributed to unstable general prices.

13. For instance, headline inflation averaged 33.8 percent

between January and October 2024 compared to 28.8

percent during the corresponding period in 2023 and the end

period average is 35.4 compared to 34.5 in 2023. Food

inflation generally maintained an upward trajectory in the

year, averaging 41.6 percent during the period January to

October 2024 compared to an average of 35.8 percent

during the corresponding period in 2023. Meanwhile, non-

food inflation remained broadly stable, averaging 22.1

percent but slightly higher than an average of 18.2 percent

during the corresponding period in 2023.

14. Madam Speaker, you might recall that, in November

2023, the country secured support from the International

Monetary Fund through the four-year Extended Credit Facility

amounting to about US$175 million. I wish to acknowledge

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