During the first nine months of 2024, inflation continues its downward trend, reaching a rate of 4.9%,
a decrease of 2.9 points compared to the same period in 2023.
Inflation averaged 4.9% at the end of September 2024. This increase is mainly due to a 6.2% increase in food prices and a 13.4% increase in transport costs, which continue to play a decisive role in inflationary pressure. The rise in food prices is largely due to higher prices for vegetables, breads and cereals, fish and seafood, meat, and “milk, cheese, and eggs.” On the other hand, the prices of oils and fats have decreased. On the transport side, the rise in prices is mainly attributed to the increase in the costs of road passenger transport, in particular due to the adjustment of fuel prices at the pump. Inflation is more internal, fuelled by the prices of local goods and services. Domestic and international factors have combined to fuel inflationary dynamics. Thus: At the national level, the reduction of subsidies on hydrocarbon prices, security constraints in the North-West and South-West regions and some localities in the Far North, have disrupted production and distribution chains, thus increasing transaction costs. In addition, floods and adverse climatic shocks, in some cases characterized by longer-than-usual dry seasons and poor agricultural practices, have likely reduced the supply of food commodities, contributing to higher food prices.
