- Wednesday October 23rd, 2024
- Posted by: inscameroun
- Category:
In September 2024, consumer prices rose by 0.8% compared with the previous month and by 4.9% 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 0.8%, following an increase of 0.4% the
previous month. This increase was mainly due to a 2% rise in food prices, which continue to play a major role in inflationary trends. At the same time, other components such as “transport”, “housing, water, gas, electricity and other fuels”, “clothing and footwear” and “education” recorded increases of 0.4%, 0.2%, 0.2% and 0.4% respectively.
The increase in food prices is largely accounted for by higher prices for vegetables, breads and cereals as well as fishes and seafood. On the transport side, the price hike is mainly attributed to the increase in the cost of smuggled fuel, commonly known as ‘zoua-zoua’ or ‘fungen’, from Nigeria. As for education, the cost hike is largely due to the increase in tuition and registration fees in many private and faith-based schools, especially at the primary and secondary levels, for the academic year 2024/2025. On a year-on-year basis, compared to September 2023, inflation stood at 4.4% after 3.8% in August 2024. This sudden change, which breaks the trend, is mainly attributable to a 5.9% increase in food prices and an 11.2% increase in transport costs, marking the end of a period of fourteen consecutive months of slowdown. The average inflation rate over the past twelve months is 4.9%. This inflation is mainly driven by a 6.2% increase in food prices, as well as a significant 13.4% increase in transport costs, two consumption functions that account for approximately 44% of household final consumer spending. By region, inflation rates range from 3.2% to 7.0%; the lowest levels are recorded in Garoua, Bertoua, and Bamenda with respective rates of 3.8%, 3.7% and 3.2%. Maroua, Douala, and Ngaoundere are in the lead with 7%, 5.5%, and 5.1% respectively. Core inflation rate1 stood at 3.4%. This shows that inflation is not driven solely by the increase in the prices of fresh produce and energy, which rose by 10.3% and 7.9% respectively.
By produce origin, inflation is much more domestic, and driven more by local goods and service prices. Over the same period, local produce prices increased by 5.2%, as against a more moderate increase of 4.0% for those of imported produce.