INEGE publishes rate of inflation for fourth quarter and annual rate for 2017

The Director General of the Equatorial Guinea National Institute for Statistics, Ricardo Nsue Ndemesogo, in a press conference held with the national media, on the morning of Wednesday 17th January, at the headquarters of the institution, has published official data on inflation in our country during the fourth quarter and the annual rate for 2017.

Ricardo Nsue Ndemesogo reported that the rate of inflation in Equatorial Guinea was 0.9 % during the fourth quarter of 2017, and pointed out that the rate of average annual variation for the fourth quarter of 2017 was also 0.9%, lower that that recorded in the same period from the previous year (1.6%); while the average quarterly variation in the general index is 0.03%.

In his report he pointed out the cities with the greatest variation in the annual average for the fourth quarter of 2017, among which are Mongomo, Malabo and Ebebiyin, with 2.4%, 2.0% and 1.1% respectively.

With regards to the quarterly evolution of consumer prices, regarding the fourth quarter of 2017, the variation in consumer prices for households was around 0.9%, seven points below that recorded in the same period from the previous year (1.6%).

The group with the greatest influence in this fall in the rate of inflation during the fourth quarter are restaurants and hotels, with a variation of -0.8% and a contribution of -0.1%, while other groups contributed towards keeping pressure high. In this group of positive influence is food products, with a variation of 1.2% and a contribution of 0.6%; education, with a variation of 5.4% and a contribution of 0.2%; and health, with a variation of 1.2% and a contribution of 0.1%.

Results by city:

Malabo, months of October, November and December: 2.0

Bata, months of October and November:: -0.2 and December: -0.6

Ebebiyin, October: 1.0; November: 1.1 and December: 1.2

Evinayong, October: -0.1; November: -0.4 and December: -0.6

Mongomo, October: 2.6; November: 2.4 and December: 2.1

Quarterly inflation in consumer prices by city: the rate of inflation in this quarter was recorded in Mongomo at an average of 2.4%; an evolution which was mainly the result of the average prices in the groups of food products and non-alcoholic drinks (a variation of 3.1%, contribution of 1.6%; alcoholic drinks, tobacco and narcotics (a variation of 3.1%, contribution 0.4%) and furniture, household equipment and household maintenance ( a variation of 3.3%, contribution of 0.3%).

In second place in Malabo, with an average rate of inflation of 2.0%, due mainly to the average variation in the price of groups of food products and non-alcoholic drinks (a variation of 4.3%, contribution of 2,3%).

In third place was Ebebiyin (1,1%).

With a negative annual rate of variation is Evinayong (-0.4%), and at a decimal place higher is Bata (-0.3%).

According to data obtained by the Equatorial Guinea National Institute of Statistics, 2017 concluded with an average rate of inflation of 101%, against 1.4% from 2016.

This evolution is chiefly explained by the average fall throughout the year of the prices of groups of food products and non-alcoholic drinks ( a variation of -1.2%, contribution of -0.6%); clothes and footwear (a variation of -3.7%, contribution of -0.1%).

However, inflation remained during 2017 in other product groups, such as alcoholic drinks, tobacco and narcotics ( a variation of 2.1%, contribution of 0.3%); restaurants and hotels (contribution of 0.3%); furniture, household equipment and household maintenance (a variation of 3.7%, contribution of 0.2%) and housing, water, electricity, gas and other fuels ( a variation of 8.4%, contribution of 0.2%).

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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