Togo: Inflation Rate Dips to 3.9% in May, Food Prices Still Rising

Economic governance
Wednesday, 10 July 2024 16:42
Togo: Inflation Rate Dips to 3.9% in May, Food Prices Still Rising

(Togo First) - Inflation in Togo stood at 3.9% in May 2024, down from 4.1% in April. The figure was disclosed by the country’s statistics institute, the INSEED. 

The INSEED also reported that the National Harmonized Index of Consumer Prices (INHPC), which tracks price trends for most consumer products, rose by 1.6% between April and May.

Food Products 

The price surge from April to May was mainly driven by increases in food prices ("Food products and non-alcoholic beverages" +4.3%), transport costs ("Transportation" +0.5%), and restaurant spending ("Restaurants and Hotels" +0.2%). 

Notable increases include corn (+11.2%), imported rice (+6.5%), local long-grain rice (+4.2%), and other staple foods like ripe plantains, fresh sweet potatoes, yams, manioc, tomatoes, onions, and carrots, which saw price indices rise by more than 10% month-on-month. 

This increase was slightly offset by a decline in housing costs ("Housing, water, gas, electricity, and other fuels" fell by -0.9%).

Quarterly Increase 

Comparing May 2024 with February 2024, the general price level is up 3.5%, mainly driven by rising food prices.

Overall Slump 

However, inflation in Togo is expected to continue falling compared to levels seen since 2023. According to IMF projections, inflation should drop to less than 2% between 2025 and 2028, provided there is a favorable agricultural outlook, adequate food market supply, and continued government measures to contain prices.

Ayi Renaud Dossavi

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