The Somali National Bureau of Statistics (SNBS) has officially launched the Modernized National Consumer Price Index (CPI), signaling a transformative leap in the country’s economic data infrastructure. This initiative represents a crucial advancement in Somalia’s statistical capacity, aimed at improving the accuracy, reliability, and international comparability of key economic indicators.
The newly launched CPI adopts updated methodologies aligned with global standards, ensuring that inflation and cost-of-living data better reflect the actual spending patterns of Somali households. This modern approach will enable policymakers, development partners, and investors to make more informed decisions based on credible, timely, and transparent data.
The modernization effort is also a significant step toward economic resilience and fiscal planning. By providing a more realistic picture of price changes and market dynamics, the new CPI will play a critical role in shaping monetary policy, setting wages, adjusting social benefits, and designing effective poverty reduction strategies.
Overall, the launch of the Modernized National CPI underscores the Federal Government of Somalia’s commitment to building robust statistical systems as a foundation for sustainable development and good governance.