(Ecofin Agency) - In September 2023, the annual headline inflation in Côte d'Ivoire was primarily driven by the prices of food products and non-alcoholic drinks, as well as that of transport, housing, water, gas, electricity, and other fuels, as per the INS.

Overall annual inflation in Côte d'Ivoire slightly fell to 4.9% in September this year, in comparison to 5% the previous month, according to data provided by the National Institute of Statistics (INS).

The latter attributed the slight setback to higher prices for food and non-alcoholic beverages (+0.8%), transport (+1.1%), as well as housing, water, gas, electricity, and other fuels (+0.6%). Like other economies in the world, Côte d'Ivoire is enduring the ongoing global inflationary pressures, compounded by particular socio-political tensions in West Africa.

This situation led the Ivorian government to take several short- and medium-term measures aimed at safeguarding people's purchasing power and containing the effects of rising prices. Last September, the government temporarily suspended the export of local rice and sugar until the end of the year due to the severe price pressures experienced in the local market in recent months.

On a regional level, the inflation rate within the West African Economic and Monetary Union (WAEMU) exhibited a downward trend between the first and second quarters of 2023, decreasing from 5.8% to 4%. However, the region’s central bank raised its main key rate to 3.25% to cope with the rising regional uncertainties and persistent global inflationary pressures, among other factors.