Inflation in the Democratic Republic of Congo continues to rise significantly in July 2023, with a monthly rate reaching 5.792%. This rapid acceleration of inflation is a source of concern for the Congolese economy. According to the Central Bank of Congo (BCC), this increase in prices is mainly due to food products and non-alcoholic drinks, which represent more than 60% of household consumption.
Of particular concern is the rise in food and transportation prices, with contributions of 61.28% and 17.21% respectively. This situation puts additional pressure on the purchasing power of Congolese citizens, already weakened by the economic and political difficulties facing the country.
Cumulative inflation over one year now reaches 16.470%, compared to 6.832% for the same period in 2022. This constant increase in inflation weighs heavily on the Congolese economy and further complicates the daily life of residents.
Some sectors recorded a drop in prices, such as food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, miscellaneous goods and services, alcoholic beverages and tobacco , as well as health. However, these declines are not enough to offset the general rise in prices in other sectors.
The week before July, weekly inflation reached its highest level, with an increase of 4.010%. However, over the next two weeks, a slight downward trend was observed, with rates of 0.184% and 0.150% respectively. This drop can be interpreted as temporary volatility in inflation, but the overall situation remains worrying.
Faced with this growing inflation, it is essential that the Congolese authorities take measures to stabilize prices and protect the purchasing power of citizens. Appropriate economic and monetary policies, such as controlling the money supply and containing public spending, are necessary to contain inflation and restore investor confidence.
High inflation in the Democratic Republic of Congo is a major challenge for the country’s economy. Effective management of this situation is essential to ensure economic stability and improve the living conditions of the Congolese population.