PRICES OF COMMODITIES IN CAMEROON KEEPS INCREASING

By Edwin -

Cameroon has been experiencing high inflation since November 2021, pushed particularly by means of a shortage and increase in the prices of staple items such as bread, wheat, vegetable oil, and meat. The inflation charge has been further exacerbated through disruptions in the worldwide price chain due to the COVID-19 pandemic, the ongoing war in the north-west and south-west regions of the country which is also draining most of the country's finances and the ongoing Ukraine-Russia war. The war in Ukraine has impeded Cameroon's economic restoration, heightening inflation pressures and domestic structural vulnerabilities. Despite these demanding situations, the real GDP boom was projected to attain 4.0 percentage in 2022 and 4.6 percentage by way of 2024.

market in the central region

According to the World Bank, Cameroon's poverty reduction rate is lagging at the back of its population growth rate, and the overall range of the poor in Cameroon increase by 12% to 8.1 million from 2007 and 2014. Poverty is more common in the country's northern region with about 56% living in abject poverty and increasingly in the north and southwest regions as the war continues. The country is also hosting over 485,741 refugees, in general from the Central African Republic (73%) and Nigeria (26%).

Average inflation prices in Cameroon are forecast to continuously be lower among 2023 and 2028 by a total of 3.9 percent points. However, the inflation rate for 2023 became 5.9%, in keeping with the International Monetary Fund (IMF). This is a huge growth from the 2.45% inflation rate in 2019. The inflation rate in Cameroon has been fluctuating over time, with an all-time high of 8.50% in March of 2023 and a record low of 0.30% in December of 2015. Looking at what is currently happening now, the inflation rate may only get worse if care is not taken. 

The high inflation rate in Cameroon has had an extensive effect on the country's economy. The cost of living has increased drastically, and most Cameroonians are struggling to manage to pay for basic necessities consisting of meals and healthcare. The inflation rate has also affected organizations, with many suffering to live afloat because of the high cost of products in the market. The government has applied measures to deal with the inflation rate, including increasing the supply of staple items and reducing taxes on essential goods.

No matter what measure the government puts in place, it still does not meet up with the reality that most Cameroonians are facing. Cameroon is a country that depends so much on imported goods and produces very little. This is the main reason why when the war in Ukraine broke out, Cameroon was one of the highest countries in Africa can was affected because most of its wheat product was received from Ukraine. The average Cameroonian lives on bread or rice and these are all imported food. 

The north west region, which used to be the bread basket of the country, can no longer act in such capacity because most farmers have left their farms running from the on-going war. Basic food commodities which use to leave these areas to the center and littoral regions can no longer reach there either because the supply is not sufficient or its also being prevented by the separatist fighters. Many Cameroonians have blamed the government for not doing enough to better the lives of its citizens.









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