Cameroon’s inflation hits 3.9% in July 2024, exceeding 3% tolerance threshold ⁰

In July 2024, Cameroon’s inflation rate reached 3.9%, marking a 0.1% increase year-over-year and averaging 5.4% over the past 12 months, according to the National Institute of Statistics (INS). This rate continues to exceed the 3% threshold set by the Cemac for multilateral surveillance.

The INS reports that inflationary pressures during this period were driven by rising food prices and transportation costs. Over the last year, food prices in Cameroon have increased by an average of 7%, while transportation costs have surged by 14.4%.

It is important to note that since February 3, 2024, the Cameroonian government has implemented another hike in fuel prices at the pump, following a previous increase on February 1, 2023. This move has led to higher transportation costs, both urban and interurban, which in turn has impacted the prices of everyday consumer goods.

Source: Business in Cameroon