(Business in Cameroon) - Household final consumption prices in Cameroon went up 0.5% MoM in August 2023, following a 0.4% rise the previous month, the National Institute of Statistics (INS) reports in a recent note. "The price hike is mainly due to a 1.3% MoM increase in food prices and a 1.1% MoM rise in education costs.”
This overall food price trend came with inflation that reached a yearly average of 7.8% at the end of August, way beyond the 3% community threshold tolerated in the Cemac region. "Inflation rose mainly due to a 13.3% YoY increase in food prices, a 10.4% YoY increase in transport costs, and an 8.6% YoY increase in prices for furniture, household goods and everyday cleaning products,” INS said. Compared to the same month in 2022, the overall price level increased by 7.4% in August 2023.
Bread, cereals, meats, fish and seafood, milk, cheese, eggs, oils and fats, fruits and vegetables, and sugar are among the food products that have seen the sharpest price hikes. Transportation costs have also risen by 16.8% YoY.
However, inflation is not only driven by surging costs of fresh produce and energy items, which saw increases of 13.9% and 5.7%, respectively. Depending on the origin of the products, the increase is more pronounced for local products, with prices rising by 8.5%, than for imported products, which saw prices rise by 6.0%, according to reports. The INS report notes that the inflation rate consistently exceeded 7% in nine regional capitals. The highest rate was observed in Bertoua (East), and the lowest in Garoua (North).