(Business in Cameroon) – In August 2024, consumer prices for households in Cameroon rose by 0.4% compared to the previous month. The National Institute of Statistics (INS) reported this increase in its latest price trends report. This growth is slightly stronger than the 0.1% increase in July 2024. However, compared to August 2023, the price rise is even more pronounced.
On a year-over-year basis, prices have increased by 3.8%. This is largely due to a 4.2% rise in food prices and a 10.7% hike in transportation costs. The government’s decision to raise pump fuel prices on February 3, 2024, remains the main driver of inflation in Cameroon as of August 2024. This increase in fuel prices has led to higher costs for road transport, which in turn affects product prices in the markets.
Despite these ongoing inflationary pressures, the INS notes a “gradual downward trend in inflation since the fourth quarter of 2023.” Inflation rates vary by region, ranging from 4.2% to 7.1%. Bertoua and Bamenda report relatively lower rates of 3.9% and 3.3%, respectively.
Overall, despite this slight decline, inflation remains above the acceptable threshold of 3% in the Cemac region, which includes Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic.
