Prices in Guinea-Bissau decrease in first quarter

6 July 2015

The prices of consumer goods in Guinea-Bissau fell by 1.6 percent in the first quarter compared to the last three months of 2014, said the Director General of the National Statistics Institute (INE).

Suandé Camara, cited by the No Pintcha newspaper Firday, said low prices in the period were based on sufficient supply in food markets, especially local agricultural production, and most notably vegetables.

In the first quarter there was also enough supply of fish to the market and hence the price decrease, particularly of seafood, due to bigger catches from artisanal fishing, said the Director-General during the presentation ceremony of the Harmonised Consumer Price Index.

However, in the second quarter INE expects an increase in prices of consumer goods due to the fact that the majority of the population has been involved in the cashew nut sales camaign, to the detriment of other economic activities that generate income.

Camara also said the “probable” high prices would be based on domestic factors, such as the introduction of some fees by the government and external factors, including the increased cost of oil on the international market.

The data collection on which INE based its calculations was carried out in 12 capital markets, Bissau, and some of the larger towns across the country. (macauhub/GW)