Prices of goods and services in Cameroon are on the rise, denizens complaint, saying the cost of living is becoming unbearable.
Aside from the increase in the prices of basic commodities which the government is blaming the war in Ukraine for, other goods especially construction material like cement and aluminium zinc have also skyrocketed.
The price of cement clocked a record high in March compared to three months before this year.
Now, a 50kg bag of cement sells between 6,000FCFA or 6,600FCFA in many construction stores in Cameroon, as compared to the normal 5500FCFA before.
Equally, that of aluminium zinc is said to have increased from 7500FCFA to 10,000FCFA.
The Cameroon’s National Institute of Statistics last month said the country was witnessing a 7.6 percent rise in commodities, but the prices of some goods have risen more than that.
According to sector trackers, prices have started to rise in March, as the country enters a seasonally strong period for construction activities. In addition, the pace of awarding road projects by the government has increased.
Some Cameroonians who are engaged in construction have been complaining that some of their projects have stopped because of a lack of money.
“I had budgeted just enough to complete my house which has been stagnant for years now, upon the price increase,” Paul Nji who wants to complete his house said “ it will be difficult for me to complete the building,”
There is a belief that if the situation is regularised soonest, things might go out of hand. In 2008, there was a general strike in Cameroon owing to an increase in the prices of goods and services
But some Analysts believe that cement consumption will be better in May compared with the previous quarter. Given the likelihood of higher demand, the full benefit of higher cement prices is expected to reflect in the financial performance of cement companies from the June 2022 quarter.
