(Ecofin Agency) - Inflation decreased in Burkina Faso, Benin, Niger, Côte d'Ivoire, Togo, and Mali. However, it accelerated in Guinea-Bissau and remained stable in Senegal.

Inflation in the West African Economic and Monetary Union (WAEMU) dropped by 0.9 percentage points, from 3.4% in October to 2.5% in November 2024. This marks the second consecutive decrease since the rate was 3.6% in September. The Central Bank of West African States (BCEAO) reported this in its monthly statistics bulletin.

The decline in inflation is mainly attributed to the drop in food prices, which had a smaller impact on inflation, moving from 2.1 percentage points in October to 1.5 percentage points in November 2024. "This decrease was also supported by a slowdown in the increase of housing costs, which rose by 2.9% in November compared to 3.2% in October," the BCEAO stated.

Furthermore, underlying inflation, which excludes fresh food and energy prices, also fell, from 2.3% in October to 1.8% in November 2024.

Inflation dropped in six countries in the region: Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, and Togo. However, it increased in Guinea-Bissau and remained stable in Senegal.

Inflation is now within the BCEAO’s target range of 1% to 3%, after staying above the target for seven consecutive months. For the whole of 2024, the average inflation rate is projected to be 3.6%, compared to 3.7% in 2023. However, the BCEAO forecasts a rise in inflation for 2025, due to insecurity in certain countries, poor weather affecting agriculture, and geopolitical and trade tensions.