- Tuesday July 16th, 2024
- Posted by: inscameroun
- Category:
In June 2024, consumer prices increased by 0.4% over one month and by 5.7% on average over the past twelve months, driven more by local good and service prices.
Compared to the previous month, household final consumer prices increased by 0.4%, after increasing by 0.3% the previous month. This increase was mainly due to the increase in food prices, as well as the less significant increase in the costs of the “housing, water, gas, electricity and other fuels” component. The rise in food prices may be accounted for mainly by higher vegetable prices. As for the “housing, water, gas, electricity and other fuels” component, the price increase was mainly caused by higher solid fuel prices. Year-on-year, compared with the same month in 2023, the increase is 4.3%, mainly attributable to the 5.2% increase in food prices and 11.2% in transport costs. It should be noted that this rise in prices has been gradually falling since peaking at 8.5% in March 2023. On average over the past twelve months, the inflation rate stood at 5.7%, exceeding the 3% threshold set by CEMAC. This rise was mainly due to a 7.6% increase in food prices and a 14.9% increase in transport costs. Regionally, inflation rates vary between 5.1% and 7.4%, with the exception of Bamenda where it is 3.6%. The underlying inflation rate1, excluding the prices of petroleum products, domestic gas and fresh produce is 4.1% Inflation is therefore not only driven by fresh produce and energy, whose prices rose by 12.1% and 8.7% respectively. By product origin, inflation is mainly due to domestic factors, as the prices of local products rose by 6.1%, meanwhile those of imported products rose by just 4.5% over the same period.