Inflation in Ivory Coast slows slightly to 4% in July

AFRICAN BUSINESS AND ECONOMYAugust 19, 2024 at 1:14 PM UTC

TLDR

Côte d'Ivoire's inflation rate decreases slightly to 4% in July 2024, showing control over price increases
Significant price hikes observed in key sectors: food prices up by 5.1%, housing sector rises by 7.9%, transport prices climb by 3.5%
Key increases include unprocessed cereals (+9.1%), fruits (+31.8%), rents (+8%), and energy costs (+15%)

Côte d'Ivoire's inflation rate slightly decreased to 4% in July 2024, down from 4.1% in June 2024, indicating some control over overall price increases.

However, this modest slowdown conceals significant price hikes in key sectors. Food prices, a primary inflation driver, rose by 5.1%, with sharp increases in unprocessed cereals (+9.1%), fruits (+31.8%), fresh vegetables (+5.5%), meat (+3.8%), and fish (+2.8%).

The housing, water, electricity, gas, and other fuels sector saw a 7.9% rise, driven by an 8% increase in rents and a substantial 15% surge in energy costs. Transport prices climbed by 3.5%, health services by 3.2%, and furniture, household goods, and routine household maintenance by 3.5%.

Key Takeaways

Inflation appears to have peaked across African economies including Nigeria and Ghana, both of which posted a slight decrease in consumer prices last week, reflecting easing inflationary prices. In Ivory Coast, Core inflation, excluding fresh produce and energy, was 2.8% in July 2024, indicating that the overall high cost of living is mainly due to significant increases in fresh produce (+6.1%) and energy prices (+11.5%). These sectors have seen substantial price hikes, continuing to exert pressure on household budgets.

Ivory Coast

Economy

Inflation

Interest Rates

Consumer Prices

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