Inflation jumps to 3.4% in first quarter

The inflation rate in Cameroon has reached 3.4% in the first half of 2015, against 1.1% over the same period in 2014, revealed the National Statistics Institute (INS) in its latest report on the evolution of price in the country.

For the first time since 2011, the rate of inflation is above the 3% standard accepted in the CEMAC area.

According to INS, the overall price level observed in June 2015 "is largely due to the 14.5% in transport prices of goods and services, after the revision of the fuel price increases that took place on July 1, 2014."

But aside this, there was also a "5.2% rise by restaurants and hotels from the increase in prices of industrial beers in February 2015 and that led to an increase of 4.1% of the price of alcoholic beverages, tobacco and drugs," said the INS.

At the same time, analyzed the institute, prices of fresh vegetables increased by 9%, for meat by 4.5% over the same period. Just like meat and vegetables, the INS observed that the prices of local products have increased by an average of 3.4%, against only 1.6% for imported products, the first of which include rice, which is exempt from customs duties from the February 2008 riots of hunger.

Moreover, despite these bad signals sent by the INS, the International Monetary Fund (IMF), in its latest assessment in Cameroon, announced that the inflation rate of the country in 2015 will be below the community standard of 3% for a GDP growth rate will rise to 6%.