- Monday August 19th, 2024
- Posted by: inscameroun
- Category:
In July 2024, consumer prices rose by 0.1% compared with the previous month and by 5.4% on average over the past twelve months, mainly as a result of higher prices for local goods and services. Compared with the previous month, household consumer prices edged up by 0.1%, following a more significant rise of 0.4% the previous month. This slight increase was mainly due to a 0.5% rise in education prices, as well as a 0.1% rise in ‘clothing and footwear’ prices. In addition, the ‘restaurants and hotels’ and ‘furniture, household and routine maintenance items’ components rose by 0.1% and 0.2% respectively. Food prices, meanwhile, remained stable. The rise in the price of breads, cereals and meats was offset by a fall in the prices of several other items, including fishes and seafood, vegetables, oils and fats, fruits, and ‘milk, cheese and eggs’. The rise in education costs was largely due to the increase in tuition and registration fees for certain private and denominational primary and secondary schools for the 2024/2025 school year. Year-on-year, compared with July 2023, the increase was 3.9%, due in particular to a 4.4% rise in food prices and a 10.9% increase in transport costs. It should be noted that this rise in prices has been gradually slowing for several months. The average inflation rate over the past twelve months is 5.4%. This inflation was mainly driven by a 7.0% rise in food prices and a 14.4% increase in transport costs. By region, inflation rates vary between 4.6% and 7.4%, with the exception of Bamenda where it is 3.5%. Core inflation rate1 stood at 3.9%. This shows that inflation is not driven solely by increases in the prices of fresh produce and energy, which rose by 11.4% and 8.3% respectively. By product origin, inflation was driven more by domestic factors, as prices of domestic products rose by 5.8%, meanwhile those of imported products rose by just 4.3% over the same period.
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