(Ecofin Agency) - In September 2024, a stronger food supply, especially in coastal countries, helped slow down rising food prices. Côte d'Ivoire, Benin, and Togo were among the WAEMU nations that saw inflation ease.

The inflation rate across the West African Economic and Monetary Union (WAEMU) fell to 3.6% in September 2024, down from 4.4% in August, according to the monthly report released by the Central Bank of West African States (BCEAO) on November 8. This drop is largely due to slowing food price increases.

BCEAO highlighted that an improved supply of vegetables, tubers, and cereals from the 2024-2025 agricultural harvest, especially in coastal countries, helped ease food price inflation. Food prices rose 5% in September, down from 6.8% previously. However, housing costs rose to 4.4% in September from 4% in August, mainly due to charcoal supply issues in Burkina Faso and Niger, which faced heavy rainfall, impacting availability.

Several WAEMU countries saw inflation decrease, with notable drops in Niger, Mali, Togo, Côte d'Ivoire, and Benin. Still, inflation remains high in Burkina Faso and Guinea-Bissau. Core inflation, excluding fresh food and energy prices, also dipped slightly to 2.3% in September from 2.5% in August.

These figures come as several WAEMU nations, like Benin, continue to restrict cereal exports to ensure stable and affordable local supplies. The BCEAO forecasts that WAEMU inflation will continue to decline, reaching 3.5% in October and 3.4% in November 2024. The BCEAO's Monetary Policy Committee, which kept its key interest rate steady at 3.5% in September, is closely monitoring these trends and is prepared to make necessary adjustments to maintain monetary stability in the region.