The Cameroon national stats institute (INS) recently published a report on the evolution of inflation in the country in 2022.

Ngaoundéré, in the Adamaoua region, ranked first being the city with the highest inflation over the period. The rate was over 7.4%, while the general price level rose by 6.3%. A year before, inflation in the city was slightly above 1%. The top 10 is completed by Bafoussam (+7.3% after 2.4% in 2021), Buea (+7.1% after +1.7% in 2021), Bamenda (+6.8% after +3.8% in 2021), Maroua (+6.4% after +3, 2% in 2021), Yaoundé (+6.2% after +1.8% in 2021), Douala (+5.7% after +1.9% in 2021), Bertoua (+5.5% after 4.4% in 2021), Ebolowa (+5.7% after +3.7% in 2021) and Garoua (5.4% after 2.1% in 2021).

“Inflation is fueled by soaring food prices. In 2022, the general level of prices was, in large part, fueled by the increase of 12.9% in food prices and 6.3% in prices of restaurant and hotel services. The main increases in food prices have been in oils and fats, bread and cereals, fish and seafood, meat, milk, cheese, and eggs, and vegetables,” INS said.

According to the organization, the inflation rate is expected to rise above 6% in 2023. “The inflation outlook is influenced by the tightening of financial conditions in most regions, the Ukraine-Russia conflict, the lingering effects of the Covid-19 pandemic, the depreciation of the FCFA against the dollar, the readjustment of fuel pump prices, and the new tax provisions of the 2023 budget law,” the INS analyzes.

Source: Business in Cameroon