The prices of products exported by Cemac countries increased by 8.5% during the third quarter of 2023, according to the Composite Index of Commodity Prices (ICCPB) published by the Central Bank of Central African States (BEAC). This marks the end of the downward trend observed since the last quarter of 2022.

Before this hike, prices dropped by 1.7% in Q2 2023 and 10% in Q1, Beac noted, stressing that the Q3 change was the result of the combined effects of rising prices of both energy and non-energy products in international markets.

"Energy prices rose by 10.3% in Q3, following a 6.7% decline in the previous quarter while the prices of non-energy products rose by 5.3%, following a 5.2% increase in Q2. All product categories recorded positive trends, with the greatest variations in agricultural products (+7.3%), followed by fishery products (4.9%), metals and minerals (+2.0%) and forestry products (+0.8%),” the Beac report found.

The ICCPB is based on the prices of 20 commodities exported by Cemac countries, representing 90% of the value of their exports. It focuses on five main categories: energy products, metals and minerals, forest products, agricultural products and fishery products.

Source: Business in Cameroon