INCREASED COST OF LIVING IN CAMEROON… The National Institute of Statistics (INS)

INCREASED COST OF LIVING IN CAMEROON… The National Institute of Statistics (INS)

N Melo
by N Melo
May 26, 2022 0

INCREASED COST OF LIVING IN CAMEROON… The National Institute of Statistics (INS)

– The National Institute of Statistics (INS) tries to explain

– What the Cameroonian government must do

The inflation of these local products is 2.9% and contributes 2.15 percentage points to total inflation.
According to the National Institute of Statistics (Ins), the prices of local food products are increasing due to the international situation, which is still favorable to inflation. The institute also points to the tightening of agricultural product availability on the markets due to climate change, which is disrupting agricultural cycles, and to persistent insecurity in some regions of Cameroon, which continues to erode the production capacity of agricultural households and limits national and international trade due to restrictions on the movement of people and goods. In addition, there is limited supply to the major consumption centers due to the deterioration of certain road and rail networks, speculative practices by certain traders, and the transmission, albeit partial, of sharp increases in production costs (particularly raw materials and agricultural inputs) to consumer prices.
And finally, supply difficulties and the unavailability of certain products. As for imported products, inflation, which is raging in a difficult post-pandemic recovery context, has accelerated with the recent confinements implemented in China to contain the Covid-19 pandemic and the war between Russia and Ukraine followed by eco’omic sanctions against Moscow. All of these factors have further exacerbated problems in global supply chains and increased the costs of raw materials, agricultural inputs, construction materials and ocean freight. In addition, the depreciation of the euro against the dollar is increasing the cost of dollar-denominated imports.

Government response

In response to this exceptional situation, the government has taken steps to implement measures to combat speculation and ensure regular and adequate supplies to the markets, in addition to fiscal and customs measures. These actions, combined with strategies of advice, anticipation and promotion implemented with economic operators, argues the Ins, have limited the generalized rise in prices.
For the Ins, the government should adopt more measures according to the dynamics of the world market to proceed to a precise regulation in order to continue to ensure the supply of the markets and to curb any unreasonable rise in prices. The development of infrastructure, whether roads, energy or water, is another lever that should improve and facilitate the transportation of agricultural products from production basins to markets for consumption or, failing that, for agro-industrial processing.

N Melo
NM
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