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Cameroon: Soaring prices slow consumption in Q1 2023

Cameroon: Soaring prices slow consumption in Q1 2023
  • Comments   -   Monday, 11 September 2023 16:15

(Business in Cameroon) - Household consumption in Cameroon posted a growth rate of 1.6% in the first three months of 2023, contributing 1.3 points to the GDP, according to data compiled by the National Institute of Statistics (INS).

Given the growth in recent quarters, consumption in Cameroon has been on a downward trend. The rate was 1.8% in the fourth quarter of 2022, 3.6% in Q3 2022, and 5% in Q2 2022. "The slight uptick in final consumption can be attributed to the decrease in domestic demand, which is a consequence of the persistent price surge. Notably, the consumer price index reached 8% in the first quarter of 2023. Although this growth is modest, it is primarily driven by the private sector, which saw a 2.8% increase and contributed 2.1 percentage points to GDP growth in the same quarter,” INS reported.

While consumption increased in the private sector, it remained sluggish (-0.7 points) in the public sector, primarily due to "a decline in demand for public administration services”.

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