Togo: Inflation Falls to 6.6% in August

Economy

Tuesday, 19 September 2023 19:19

(Togo First) - After rising consecutively since April, the inflation rate in Togo fell slightly to 6.6% in August. This was recently disclosed by the country’s Institute for Statistics, Demographic and Economic Studies (INSEED).

The source mainly attributes the decrease to a decline in indices across various consumption sectors. Notably, there were declines in "Food and non-alcoholic beverages" (-5.3%), "Housing, water, gas, electricity, and other fuels" (-1.0%), "Transport" (-0.3%), and "Alcoholic beverages, tobacco, and narcotics" (-2.7%).

More specifically, there was a significant decrease in the costs of food products like tubers, vegetables, fish, and various staples.

Excluding food products, prices nationally saw a marginal drop of 0.2%. Core inflation, which excludes energy and fresh products, also dropped by 0.3%.

The inflation rate, calculated based on the average indices of the last twelve months on a national scale, stood at 6.6% in August 2023. Excluding food products, the general price level saw a 0.2% decrease nationally. The core inflation, which measures monthly price index variations excluding energy and fresh products, declined by 0.3%.

Despite price pressures improving between July and August, compared to the same period in 2022, the general price level was up by 3.8%; a surge attributable to a general rise in costs in the post-Covid period.

Ayi Renaud Dossavi

REFORMS OVERVIEW

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Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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