Monthly Note on the Evolution of Household Final Consumer Prices in Cameroon: August 2024

In August 2024, consumer prices rose by 0.4% compared to the previous month and by 5.1% on average over the last twelve months, mainly due to the increase in the prices of local goods and services. Compared to the previous month, household consumer prices rose by 0.4%, following a more moderate increase of 0.1% in the previous month. This increase is mainly due to a 1.1% increase in food prices, which remain one of the main drivers of inflation. In addition, the components of “housing, water, gas, electricity and other fuels”, “leisure and culture” and “education” recorded increases of 0.2%, 0.6% and 0.4% respectively. On the other hand, transport prices have fallen slightly, mainly due to the decrease in the price of smuggled fuel called “zoua-zoua” or “fungen”, which is likely to come from Nigeria in increasing quantities.The increase in food prices is largely due to higher prices for vegetables, particularly fresh fruit or root vegetables, as well as fresh leafy vegetables. As for the increase in education costs, it is largely explained by the increase in tuition and registration fees in several private and faith-based schools, particularly at the primary and secondary education levels, for the 2024/2025 school year.
Year-on-year, compared to August 2023, the increase is 3.8%, due in particular to the 4.2% increase in food prices and a 10.7% increase in transport costs. Despite this increase, it is worth noting the trend of a gradual decline in inflation since the fourth quarter of 2023. On average over the last twelve months, the inflation rate is 5.1%. This inflation is mainly fuelled by a 6.5% increase in food prices, as well as a notable 13.9% increase in transport costs, two consumption functions that account for about 44% of household final consumption expenditure.