Togo: Inflation at 2.9% in 2024, Against 5.3% in 2023

Economic governance
Wednesday, 22 January 2025 17:52
Togo: Inflation at 2.9% in 2024, Against 5.3% in 2023

(Togo First) - Togo recorded an inflation rate of 2.9%  in 2024, against 5.3% and 7.6% in 2023 and 2022, respectively. The drôp, reported by the country’s statistics institute (INSEED), is the highest in 30 years. The INSEED attributes it to lower food prices and subsidies for fuel and electricity.

Slight Rise at Year-End

Last month, price increases caused a slight uptick in living costs, though still 2.9% lower than in December 2023. However, from November to December 2024, the figure slumped 3.1%, reflecting easing inflationary pressures.

Between November and December 2024, the National Harmonized Index of Consumer Prices (INHPC) rose by 0.5%,  driven by higher costs for food and non-alcoholic beverages (+1.2%) and housing utilities (+0.9%). Transportation costs decreased by 1.2%, helping to moderate the overall increase.

Annual Price Changes

Prices rose by 1.2% compared to December 2023, with fresh vegetables and solid fuels contributing to this increase. Conversely, fuels and lubricants saw a notable decline of 3.2%, according to INSEED.

This article was initially published in French by Ayi Renaud Dossavi

Edited in English by Ola Schad Akinocho

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