Ivory Coast’s Inflation Remains Steady

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VENTURES AFRICA – Ivory Coast’s year-on-year inflation remained steady at 3 percent in November, figures from the National Statistics Institute showed on Thursday.

The monthly report showed food and soft drink prices surged 4 percent, utility prices lifted 3.2 percent, and communication costs climbed 0.8 percent. Healthcare prices fell 0.5 percent and transport prices were up 1.8 percent.

According to Reuters, Ivory Coast’s economy makes up around 40 percent of the eight-nation West African CFA franc currency zone.

The return of economic growth in Ivory Coast comes along with the resumption of private and public investment in major infrastructure projects.

Public investment rose to the level of 5.3 percent of gross domestic product (GDP) this year from 2.8 percent in 2011. It is projected to reach 9 percent in 2015.

Activity in the building and civil engineering sector rose by 124 percent in the first quarter of 2012.

Investor confidence is also returning. In July the country qualified for the heavily indebted poor country debt relief programme and obtained $4 billion in debt relief.

The West African nation received debt relief from the private creditors of the Paris Club. International governments have been supportive of President Alassane Ouattara’s government. On 26 October, the European Union gave the government $149 million in budget support.