(Business in Cameroon) – Cameroon experienced a cumulative 19.3% inflation from 2022-2024, driven by food and transport costs.
- The government targets 4% inflation for 2025, implementing a national strategy to reduce import dependence.
- Poverty incidence may have risen to 37.7% in 2022, awaiting official confirmation.
The Cameroonian economy experienced a period of relative price stability between 2009 and 2021. During this decade, the inflation rate did not exceed 3%. This price control ended in 2022 when the country, like many nations, suffered multiple shocks. These shocks resulted in an unprecedented resurgence of inflationary pressures, according to data from Cameroon’s National Institute of Statistics (INS).
The 2022-2024 period marks a significant shift. The inflation rate climbed to 6.3% in 2022, then to 7.4% in 2023, before receding to 4.5% in 2024. Over the entire 2022-2024 period, cumulative inflation reached 19.3%. This surge stemmed from a combination of national and international factors that converged to weigh on household purchasing power.
Transport costs rose by 15% in the same year, mainly due to higher fuel prices.
National factors included the gradual reduction of fuel subsidies, directly impacting transport and production costs, though the exact magnitude remains unquantified. Climatic disruptions and security challenges, particularly in the North-West and South-West regions, also contributed to price increases. Internationally, the repercussions of the Russo-Ukrainian conflict, the aftermath of the COVID-19 pandemic, and FCFA fluctuations against the US dollar amplified these pressures.
Food products constituted the primary driver of inflation, showing an 11.1% increase in 2023, according to the INS. Transport costs rose by 15% in the same year, mainly due to escalating fuel prices. This situation directly affected daily life: preliminary estimates from the Cameroonian Household Survey (ECAM 5) suggest poverty incidence slightly increased, reaching approximately 37.7% in 2022. This figure awaits official confirmation upon the final report’s publication.
Facing these challenges, the Cameroonian government mobilized a set of measures articulated around the 2020-2030 National Development Strategy (SND30). The central objective is to reduce the country’s reliance on imports and stimulate local production. This serves as a key lever against imported inflation.
Among the concrete actions implemented since 2018, support for agriculture and food security holds a central position. The 2023 finance law, for instance, exempted seeds, fertilizers, and agricultural inputs from import duties and taxes. Structuring projects, such as the Agricultural Value Chains Development Project (PDCVA), aim to strengthen the production of key commodities, including oil palm, plantain, and pineapple.
Concerted efforts are beginning to yield results: the inflation rate has decreased to 4.5% in 2024. While this level remains above the 3% threshold set by CEMAC, national and international institutions consider the downward trend positive.
For 2025, the government has set an official objective to bring inflation down to 4%. This projection aligns with internal work by the Ministry of Economy, Planning, and Regional Development. It reflects the authorities’ determination to consolidate the achievements of the 2018-2025 period and pursue a price stabilization policy benefiting household purchasing power.
