After two months of acceleration, CPI inflation remained stable at 5.4% year-on-year in July. This is what the data published by the statistical office inform.

Stabilization is the consequence of the slowdown in inflation rates for foods and miscellaneous. Indeed, we note that the base effect caused housing and public services to accelerate and in July, prices increased at a much slower pace m/m. Health care prices have risen in all areas, while the resumption of transport was mainly due to rising transport rates, which is in turn a consequence of the rise in fuel prices this year. As for the slowdown in food inflation, it is largely explained by the monthly drop in prices for fish, tubers and plantains, and tomatoes.

The rate of increase in energy prices accelerated to 4.7% in ga in July from 3.6% in ga in June, while fresh food inflation slowed to 8.4% in ga versus 9.7% in ga. The core inflation rate (excluding energy and fresh food prices) fell slightly to 4.4% year-on-year in July, compared with 4.5% year-on-year in June, signaling a relaxation of underlying inflationary pressures. Average inflation over 12 months rose to 4.9% year-on-year in July, compared with 4.7% year-on-year in June, remaining above the WAEMU standard of 3.0%. Average inflation was 4.2% in 2021, nearly double the 2.4% in 2020 and above the 3.0% forecast for the year.