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Yaoundé - 02 June 2020 -
Economy

Cameroon : INS forecasts 2% inflation rate in 2020, down from 2.5% in 2019

Cameroon : INS forecasts 2% inflation rate in 2020, down from 2.5% in 2019
  • Comments   -   Thursday, 27 February 2020 16:18

(Business in Cameroon) - This year, inflation could drop from 2.5% in 2019 to 2.0%, the National Institute for Statistics (INS) of Cameroon forecasts.

The institute based its forecast on favorable climatic conditions, improvement of security conditions in the crisis regions (Northwest, Southwest and the Far-North) and the absence of internal or external shocks.

According to the institute, the special status granted to the Northwest and Southwest in 2019, and the various easing measures issued during the great National dialogue should improve the security situation and favour the resumption of economic activities. That resumption will boost the supply of markets, increase the offer of goods and services in the regions.

In addition, INS informs, the various incentives offered by the government to companies willing to establish in economically deprived areas could also boost production in the crisis zones. “The exit duties provided by the 2020 finance law for the exportation of some local products (rice, raw palm oil, sorghum, millet, kola nut,“Eru/Okok”, etc.) will surely stifle their exports so as to ensure a better supply in local markets,” INS points out.  

On the other hand, the INS notes, the prices of some imported products should rise in 2020 due to the application of the 5%-50% taxes on them. The products concerned are beauty products, cigarettes, motorcycles with a cylinder capacity exceeding 250 cm3, hairs, wigs, wools, beards, eyebrows, eyelashes, wicks and textile products produced for the creation of wigs and similar hair products, cocoa-free sweets as well as chocolates and other high-cocoa concentration products.  

The INS also fears an increase in fish prices due to the government’s decision, in early February 2020, to ban the importation of fresh and frozen fishes from China. This ban is issued as a prevention against the Coronavirus outbreak.

S.A.

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