(Business in Cameroon) – Inflation in Cameroon stood at 4.6% by the end of November 2024, fueled by rising prices for local goods and services. The figures were published in the monthly report on household consumer prices released on December 27 by the National Institute of Statistics (INS).
This inflation is primarily due to higher food prices (+5.6%) and transportation costs (+12.7%), largely driven by increased fuel prices. In November 2024, household consumer prices saw a slight rise of 0.1% compared to the previous month, following a 0.3% increase in October. INS attributes this small increase to higher transportation costs (+0.3%), rising prices for housing, water, gas, electricity, and other fuels (+0.3%), as well as clothing and footwear (+0.4%) and restaurant and hotel services (+0.4%).
However, this overall increase was partially offset by a 0.3% drop in food prices. INS explains that the decline in food prices is mainly due to lower costs for fresh fruits and root vegetables, dried vegetables and oilseeds, as well as tubers and plantains. This drop is attributed to the better availability of these products on the market in November, which helped counterbalance rising costs in other categories.
Inflation remained stable at 4.5% in November 2024, unchanged from October. Despite this stability, the rate remains significantly above the 3% community threshold. This highlights continued inflationary pressure in Cameroon’s economy, despite efforts to contain it.
Still, the government remains optimistic. “Inflation is expected to continue its downward trend, although it will remain above the CEMAC convergence threshold. It is projected to reach 4% in 2025, down from 5% in 2024,” Prime Minister Joseph Dion Ngute said on December 1 during the presentation of the government’s economic, financial, social, and cultural program for FY2025.
