Benin Sees Slight Relief: Consumer Prices Dip 0.8% in August 2024
Benin’s Consumer Price Index Sees Slight Decrease in August 2024
The Coordinated Consumer Price Index for August 2024 was 111.4 in Benin, a decrease of 0.8% compared to the previous month.
According to the National Institute of Statistics and Demography (INTaD), the Harmonized Index of Consumer Prices for August 2024 recorded a decrease to stand at 111.4 against 112.4 a month earlier, representing a variation of -0.8%. This decline in the general index is primarily attributed to the decrease in commodity prices in the “Food and Non-Alcoholic Beverages” function (-2.2%).
The main groups of goods whose prices contributed to this reduction are ”Fresh vegetables in fruit or root” (-13.4%), mainly linked to the fresh tomato season whose supply had improved compared to markets, and “Unprocessed cereals” (-5.6%), due to the gradual decrease in the price of dry corn, millet, and sorghum.
However, the change seen over the month was moderated by the increase in the prices of the “Oles” product group (+4.5%), due to the increase in the price of vegetable oils.
The inflation rate at the national level for August 2024, according to the definition adopted in the UEMOA area, was +0.8%, an increase of 0.1 percentage points compared to the previous month.
By Akpédjé Ayosso and Ignace B. Fanou
Published on September 15, 2024