23 November 2017

Cameroon: Inflation in 2017 - Basic Commodity Prices Hike By 0.6 Per Cent

A recent report published by the National Institute of Statistic shows that the rate stood at 1.1 per cent in the first nine months of last year.

The prices of basic commodities in the country rose by 0.6 per cent during the period January-September 2017, a recent report by Cameroon's National Institute of Statistics (NIS) has shown. Going by the study carried out by NIS's Department of Demographic and Social Statistics, the hike stood at 1.1 per cent during the same period last year.

The report which details the evolution of inflation in the country indicates that the general price level rose by 0.5 per cent in the last 12 months (October 2016-September 2017), short of 0.7 per cent of the rate the previous year.

In the report, the researchers suggest that the general rise in prices in the last 12 months can largely be accounted for by the increase in the prices of catering and hotel services, tobacco, alcoholic beverages and spirit, as well as diverse goods and services. However, the report notes that inflation was slowed down by the prices of food and other basic household commodities which reduced by 0.3 per cent.

Price of beef reduced by 2.1 per cent, fish and other frozen products by 2.1 per cent and fruits by 1.5 per cent.

The report shows that within the period under review, Bertoua experienced the highest rate, which stood at 2 per cent, followed by Yaounde (1.1 per cent), Bafoussam (0.9 per cent), and Ebolowa (0.8 per cent). On the other hand, Bamenda and Maroua largely recorded drop in prices; a drop of 0.1 per cent each.

The researchers recommend that the wish of the government to ensure economic growth which is inclusive has to be translated through the sustenance of social services amongst them health, water and energy and the provision of foodstuffs at affordable prices. Also, fiscal policies have to guarantee the stabilization of prices and give consumers a higher purchasing power.

All these, the report posits, can help contain the inflation rate not to go above the 1 per cent.

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