Up by 13.9%, food product prices are fuelling inflationary pressures.
Compared to the previous month, a price increase of 0.6% was recorded in July 2022. This was mainly as a result of the 1.3% increase in the prices of food products, 1.7% in the prices of “miscellaneous goods and services” and 0.8% in the prices of “restaurants and hotels”. The increase in food prices was mainly a result of the 11.8% rise in the prices of oils and fats and 0.7% in the prices of vegetables. The 11.8% increase in the prices of oils and fats was mainly due to soaring crude and refined oil prices. Vegetable prices are up as result of higher prices for tubers and plantains as well as fresh leafy vegetables. “Milk, cheese and egg” prices spiked by 0.4%, fish and seafood prices rebounded by 0.3% and fruit prices by 0.1%. Conversely, bread and cereal as well as meat prices fell by 0.7% and 0.2% respectively. Meat prices dropped as a result of lower poultry prices.