In brief
- Cote d’Ivoire’s headline inflation increased by 30bps to 5.2% year-on-year in March 2023, driven by a spike in food annual inflation. At the current level of 5.2%, Cote’ d’Ivoire’s headline inflation stands at 220bps above the WAEMU medium-term target of 3.0%.
- Cost factors related to gasoline prices intensified the price pressure on food products amidst a significant dependence on imports of fish, meat, rice and wheat, which endured the impact of a strong dollar on the CFA franc.
- For the April 2023 CPI data, we expect food inflation to ease slightly following the Easter and Ramadan festivities in March 2023, enabling better availability of agricultural products on the markets
- In our view, the upcoming regional and municipal elections in 4Q2023 will provide incentive to maintain subsidies with price control policy to limit the inflation risk ahead of the elections.
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