Togo: Inflation rises again

Economic governance
Wednesday, 19 April 2023 15:52
Togo: Inflation rises again

(Togo First) - Togo recorded an inflation rate of 7.1% in March 2023, up by 0.7% compared to the previous month (during which it fell). According to the National Institute of Statistics, and Economic and Demographic Studies (INSEED), which released the figure, the increase was driven, mainly, by food prices (which rose by 1.3%), and services such as restaurants and hotels (+0.8%). The costs of housing, water, gas, electricity, and other fuels also rose (+0.7% overall); just like clothing and footwear (+0.3%).

Under the food basket, citrus, other fresh fruits, tubers, and plantains recorded the highest price increase (+16.9%, 12.2%, and +8.8%, respectively). Right behind were fish and other dried or smoked products (+5.8%), and raw cereals (+1.5%). 

Last month, the prices of some products fell. These include alcoholic drinks, tobacco, and narcotics, as well as miscellaneous goods and services.

 entreprises crees

Excluding food costs and fresh produce, core inflation rose by 0.3%. However, the monthly change in the index excluding energy and fresh products recorded a slight decrease of 0.1%.

It is worth noting that prices of local products rose by 0.7%, slightly more than imported products, whose prices were up by "only" 0.4%.

Concerning general price levels, between March 2022 and March 2023, they grew by 6.3%, according to the INSEED. While attributing the increase to a rise in the costs of consumer products (excluding communication), the source said it reflects global economic pressures–supply issues and generalized inflation.

Government anticipates reduction

Lomé expects its inflation to fall to 6.8% this year, from 7.6% in 2022. The government’s expectation is based on the country’s anticipated economic growth rate, to 6.6%, after standing at 5.8% and 6% in 2022 and 2021, respectively.

Ayi Renaud Dossavi

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