Cameroon’s national stats agency INS issued a report indicating that the country’s average annual inflation rate in October 2023 reached 7.7%. Although relatively stable compared to August 2023’s 7.8%, this figure still exceeds the 3% tolerance threshold accepted in the CEMAC zone.

The INS says this inflation level is due to “a 12.3% increase in food prices, a 12.6% rise in transportation costs, and an 8.1% increase in prices for furniture, household items, and common cleaning products. Inflation rates remain above 8% in three regional capitals, with the highest recorded in Bertoua (East region) and the lowest observed in Bamenda (Northwest region)”. The entity also noted that “depending on the origin of the products, the increase is more pronounced for local products, with prices rising by 8.4%, than for imported products, where prices have increased by 5.8%.”

According to the latest IMF projections for the Cameroonian economy, this inflation rate is expected to slightly ease to 7.2% by the end of December 2023. However, it remains well above the limit accepted by the convergence criteria in force in the CEMAC. A significant improvement in this indicator is anticipated in 2024, with a projected inflation rate of 5.9% by the Bretton Woods institution.

Source: Business in Cameroon