Tuesday August 31, 2021
JIGJIGA (HOL) - Somali State president Mustafa Omer has expressed concerns over rising inflation rates in the state noting the ongoing conflict in the Tigray region had escalated the situation.
Addressing a women meeting in Jigjiga, Omer said the economic situation in the state had worsened as a result of the instability in the country that has seen food prices and rent skyrocket.
He said his administration was working on measures to stabilize the situation noting the government has in the past intervened to tame run-away inflation.
The remarks follow concerns among residents that life was becoming unbearable over rising food and rent prices in recent weeks.The UN Secretary General told the UN Security Saturday the ongoing conflict in Tigray region had "drained over a billion dollars from the country's coffers" noting over 400,000 people were living in famine-like situations.
Trading Economics forecasts military expenditure will reach $502m (£365m) by the end of the year, up from $460m last year.
The conflict is now in its tenth month with no end to sight as both warring sides stand ground.