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.