While Nigeria’s inflation nears 20%, Cameroon’s has just hit 2.5%

Naira Notes
Naira Notes

While Nigeria is battling high inflation that is now close to 20 per cent, its next-door neighbour, Cameroon, is still doing relatively well with a low single digit inflation.

New data says Cameroon’s inflation rate was 2.5 per cent in 2016, down slightly from 2.7 per cent the previous year, the country’s National Statistics Institute (INS) said on Friday.

The INS said in Yaounde that the slight moderating of inflation was due to slower increases in prices at hotels and restaurants by 3.5 per cent of alcoholic drinks by 3 per cent and food by 1.1 per cent.

Meanwhile, in January 2017, increase in prices of meat, bread, fish, vegetable and other products forced Nigeria’s inflation rate to 18.72 per cent, the National Bureau of Statistics, NBS, said.

According to a report, inflation increased from 18.55 per cent in December 2016.

The report said increases were recorded in all divisions that yield the Headline Index (Farm produce, processed food and All items), noting that Communication and Restaurants/Hotels recorded the slowest pace of growth in December, growing at 5.33 percent and 8.91 percent (year-on-year) respectively.

“Price movements recorded by All Items less farm produce or Core sub-index rose by 18.10 percent (year-on- year) in December, down by 0.10 percent points from rate recorded in November (18.20) percent.

“During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels; Clothing and Footwear; and Education: growing at 27.27, 21.62 and 17.84 percent respectively,” the report said.


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:DIABETES Is CURABLE! Don't Let It Threaten You! To NORMALIZE Your Blood Sugar In 21Days For Life, Click Here!!!.


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • Impulse400

    That’s CBN Magic for you…

  • El Patron

    The misery in Nigeria is incredible at 18% inflation. I can only imagine a country like Venezuela with inflation at 1600%. The misery is unimaginable. This should serve as a lesson to all oil producing countries who rely solely on oil for their livelihood. 80% of OPEC and non-OPEC oil producing countries are either in recession or in serious economic crisis.

    • xandril

      Why do we keep shying away from the failed economic policy of this administration. We are quick at comparing it with fellow failed oil companies leaving out the ones doing well. Venezuela has issues more than oil . carry out more research. The Cameroon above doesn’t produce non oil produce as much as we do and yet inflation is at 2%. A barrel of oil is at 58dollars, why has it not dropped if actually it’s bc of oil solely

      • El Patron

        Any body that says Nigeria’s economy isn’t almost entirely dependent on oil is lying to himself. Bad policies made a very bad situation worse, pipeline vandalism made it hopeless. Can you mention 5 oil producing countries whose economies are doing very well now? Yes we produce more oil than Cameroon , but we also import and travel 100 times more than cameroon dont forget that

  • Netanyahu

    Our inflation rate is nothing less than 120% in most cases or sectors of the economy. It’s a disaster. The dullard who induced it has run away to the UK where amenities are available and functioning, leaving Nigerians to their fate. The jihadist must return to know what he is to do to alleviate the suffering in Nigeria. Running away is not a solution or he should resign, not taking credit for Osinbajo’s efforts.