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Inflation hits 10.1% in Tunisia

January 6, 2023 at 9:17 am

A man retrieves newly circulating Tunisian bank notes from an ATM in the capital Tunis, on March 27, 2020 [Photo by FETHI BELAID/AFP via Getty Images]

Consumer price inflation in Tunisia rose to 10.1 per cent in December, up from 9.8 per cent in November, Tunisia’s state-run National Institute of Statistics said yesterday.

Tunisia is currently suffering from rising commodity prices in the local market.

In a press conference held yesterday, Central Bank Governor Marwan Al-Abbasi predicted that inflation will rise to 11 per cent in 2023, up from 8.3 per cent in 2022.

Abbasi added that Tunisia does not have many solutions to combat the high rate of inflation, adding that, like in most countries in the world, the Central Bank of Tunisia has resorted to increasing interest rates.

Tunisia is witnessing a severe economic crisis which was exacerbated by the repercussions of the outbreak of the coronavirus pandemic and the high cost of importing energy and basic materials due to the Russian war on Ukraine.

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