At the end of October 2023, inflation reached an annual average of 7.7%, mainly due to
the rise in food prices, which increased by 12.3%.
Compared to the previous month, household final consumer prices rose by 0.2% in October 2023, similar to the trend observed last month. This increase in prices is mainly due to a 0.4% increase in food prices and a 0.2% increase in the costs of the “housing, water, gas, electricity and other fuels” component. The increase in food prices can be explained by several factors, including the increase in the prices
of vegetables, fruits, milk, cheese and eggs. Fish and seafood prices remained stable. Prices of oils and fats, meat, sugar and confectionery continue to fall, while the prices of bread and cereals have fallen. The increase in the costs of the “housing, water, gas, electricity and other fuels” component is largely due to the increase in actual rents as well as the costs of maintaining and repairing the housing. Compared to the same month in 2022, the general price level increased by 6.8% in October 2023, mainly due to the 10.1% increase in food prices and the 16.5% increase in transport costs. On average over the last twelve months, the inflation rate in October was 7.7%, exceeding the 3% threshold set by the CEMAC. This increase is mainly due to the 12.3% increase in food prices, 12.6% in transport costs and 8.1% in the prices of furniture, household items and everyday cleaning products. Inflation rates remain above 8% in three regional capitals, with the highest recorded in Bertoua and the lowest observed in Bamenda.
The core inflation rate1, which excludes the prices of petroleum products, domestic gas and fresh products in particular, increased less strongly in October compared to September (+6.4% after +6.6%). Inflation is not only fuelled by fresh produce and energy products, whose prices have risen by 14.7% and 7.1% respectively. Depending on the origin of the products, the increase is more marked for local products, whose prices increased
by 8.4%, than for imported products, for which prices increased by 5.8%.
