Consumer Price Index (CPI) Statistics are vital for understanding the changes in the cost of living over time. The CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Here’s a structured overview of CPI statistics and how automation tools like Latenode can enhance their management and analysis:
Latenode can significantly streamline the collection, analysis, and reporting of CPI statistics:
By leveraging Latenode, the management and analysis of CPI statistics become more efficient, accurate, and timely, enabling better decision-making and more effective communication of economic conditions.
NAIROBI,November 29, 2022–The World Bank''s 7th Somalia Economic Update (SEU) provides an update of recent economic developments and growth outlook that makes a case for investing in social protection to help confront the frequent shocks that buffet the country and its human capital. The Economic Update series aims to contribute to Somalia''s policymaking process and stimulate a national dialogue on topical issues related to economic recovery and development.
The 7th edition of the Somalia Economic Update: Investing in Social Protection to Boost Resilience for Economic Growthnotes that poverty is widespread in Somalia, particularly in rural households and Internally Displaced Person (IDP) settlements. Nearly 70 percent of Somalis live below the poverty line and 90 percent live in multidimensional poverty that includes great need for education of children and adults, improved access to water, improved sanitation, and access to electricity.
Somalia is highly vulnerable to increased natural disasters due to climate change and is currently facing extreme and widespread drought, consecutive seasons of poor rains leading to failed crop harvests, water shortages, and decreased livestock production. The drought has intensified the humanitarian crisis and is driving the country to the brink of famine with large displacements of people as they leave their homes in search of food, water, and pasture for their livestock. These climate-related disasters, and increased insecurity in the country, have added nearly 3 million IDPs to the 1.1 million people displaced persons, as of October 2020.
Over 7 million people face crisis-level food insecurity or worse due to the 2021/22 drought, locust infestation, and the COVID-19 pandemic, made worse by the war in Ukraine. This has pushed up global food and oil prices, thereby aggravating the dire food insecurity situation affecting the poor and exacerbating inequality.
The SEU report highlights that social protection can address poverty and inequality across the country by providing poor and vulnerable households with support and access to socioeconomic opportunities. Social protection interventions can mitigate the negative and long-lasting impacts of shocks and protracted crises on human capital and individual well-being. With Somalia''s great potential for improving its human capital, it needs to invest in an integrated, shock-responsive, and human capital-oriented social protection system, which protects citizens against risks and promotes inclusive policies.
The report notes that Somalia needs a gradual transition from humanitarian aid to development approaches, where critical relief to the neediest can be provided through the convergence of humanitarian and national social safety net systems. A shared understanding and approach to monitoring and evaluation, policy support, and institution building, as well as operational alignment in areas such as targeting and eligibility, benefit levels, and data exchange, is also encouraged.
To strengthen the social protection system, it is important to develop a unified social registry, establish a pension scheme for civil servants, and offer livestock insurance, as well as provide sustained, multiyear financing to Baxnaano, increasingly from the government''s national budget, and gradually expand its coverage. Also needed would be the operationalizing of the social registry, rolling out a five-year national plan for registration, and mobilizing funding for implementation, to serve as a multi-sectoral platform for coordination and enhanced targeting of social protection-related programs.
It is also important to develop and implement a youth-targeted productivity safety net, especially targeting youth in urban areas, as engaging youth in social protection interventions is critical to Somalia''s future productivity and stability.
The economy of Somaliland largely relies on primary production and agriculture, where livestock is the main export of the country, which it ships to neighbouring Djibouti and Ethiopia, as well as to Gulf states, such as UAE, Saudi Arabia and Oman. Somaliland has a GDP per capita of $1061 and a gross domestic product GDP of $6,583,000,000 as of 2024,[5] most of which it receives in remittances from Somalis working abroad. The COVID-19 pandemic has restricted Somaliland''s trade flows with decreased demand in the agriculture sector, a significant source of tax revenue.[6]
The Somaliland shilling, which cannot easily be exchanged outside Somaliland on account of the nation''s lack of recognition, is regulated by the Bank of Somaliland, the central bank, which was established constitutionally in 1994.
Various telecommunications firms also have branches in Somaliland. Among these companies is Telesom, one of the largest operators in Somaliland. Founded in 2002 with the objective of supplying the local market with telecommunications services such as GSM, fixed line, and Internet access, it has an extensive network that covers all of Somaliland''s major cities and more than 40 districts in both Somalia and Somaliland.[19] Telesom also offers among the cheapest international calling rates at US$0.2 less than its nearest competitor.[20] Other telecommunication firms serving the region include Somtel, Telcom and NationLink.[21]
Livestock is the backbone of Somaliland''s economy. Sheep, camels, and cattle are shipped from the Berbera port and sent to Gulf Arab countries, such as Saudi Arabia.[22] The country is home to some of the largest livestock markets, known in Somali as seylad, in the Horn of Africa, with as many as 10,000 heads of sheep and goats sold daily in the markets of Burao and Yirowe, many of whom shipped to Gulf states via the port of Berbera.[23][24] The market handles livestock from all over the Horn of Africa.[25]
Agriculture is generally considered to be a potentially successful industry, especially in the production of cereals and horticulture. Mining also has potential, though simple quarrying represents the extent of current operations, despite the presence of diverse quantities of mineral deposits.[26]
The rock art and caves at Laas Geel, situated on the outskirts of Hargeisa, are a popular local tourist attraction. Totaling ten caves, they were discovered by a French archaeological team in 2002 and are believed to date back around 5,000 years. The government and locals keep the cave paintings safe and only a restricted number of tourists are allowed entry.[27] Other notable sights include the Freedom Arch in Hargeisa and the War Memorial in the city centre. Natural attractions are very common around the region. The Naasa Hablood are twin hills located on the outskirts of Hargeisa that Somalis in the region consider to be a majestic natural landmark.[28]
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