Tunisia’s inflation rate surges to record high

The Tunisian National Institute for Statistics said the country’s annual inflation rate rose to 7.8% in May, from 7.5% in April.

It said that the Russian invasion of Ukraine and repercussions of Covid-19 pandemic have also contributed to price hikes of all products and services including imported energy.

Tunisian people are waiting for possible measures the central banks could take to control the soaring inflation as the bank board is expected to hold a meeting to discuss the possibility of adjusting its key interest rate.

Elias Al-Asmy, Central Director at the National Institute of Statistics, told A24 News Agency’s reporter that the inflation rate would have risen significantly if there were no fixed prices for some materials.

Economist and tax expert Muhammad Salih al-Ayari spoke to A24 and called for reviewing the country’s economic mechanisms and supporting domestic production.