Inflation rate still on the rise

In recent months, the inflation rate has caused new products sold at the markets and supermarkets to experience a surge in prices.

An example is the Mambo brand which rose from FCFA 100 to FCFA 150, to FCFA 200 today.

A kilogram of flour was also revised upwards to FCFA 550-600 and FCFA 650 at some places. In the process, the Bayam-sellams also increased the prices of food products; including tomato, whose crate increased from FCFA 5000 to FCFA 15 000 and the price of onion has tripled. Fresh fruits and vegetables are not left out.

The package of some green leafy vegetables have increased over days; pricing at FCFA 300, 450, 500, etc. This is an increase that has not gone down well with the Bayam-sellams.

According to them, everything is gone due to the cost of transport of goods which was revised upwards because of the increase in 2014 fuel prices. The Bayam-sellams also referred to climatic hazards which are increasingly unfavourable.

The Ministry of Commerce (MINCOMMERCE), is not pleased with this situation. A senior administrator indicated that the causes are diverse. "There are notably the increase in the dollar against the Euro. We also noted an increase in excise duties on beverages. The engorgement of the Autonomous Port of Douala situation (Pad) is also some of the many factors responsible for this. Economic operators are forced to pay penalties which affect the cost of the products," said the source.

Figures from the National Statistics Institute (INS) disclosed that the inflation rate in Cameroon reached 3.4% in the first half of 2015, against 1.1% over the same period in 2014. According to the report of the INS, this can be explained by a surge of 14.5% in prices for transport goods and services, after the upward revision of fuel prices that took place on July 1, 2014.

The figures indicated that vegetable prices rose by 9% and meat by 4.5%. Local products experienced an average increase of 3.4%, against only 1.6%," the report stated.

Yet 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 that will rise to 6%.