Cape Verde Import Prices Surge 25.7% Amid Fuel Price Hike
Imported goods in Cape Verde saw a dramatic price surge in September, with costs climbing 25.7% compared to the same period last year, according to the latest data from the National Institute of Statistics (INE).
Fuel and Industry Drive Inflation
The Foreign Trade Price Index highlights a significant spike in essential commodities. The most severe impact was felt in the energy sector, where the price of imported fuels skyrocketed by 56% year-on-year. This surge is placing substantial pressure on the archipelago’s economy, which relies heavily on external supplies.
Beyond energy, other sectors also faced steep climbs. The cost of processed products for agriculture rose by 32%, while engines and transport equipment became 24% more expensive to bring into the country.
Food Prices Remain Stable
In a rare piece of positive news for consumers, the cost of food has remained relatively insulated from the broader inflationary trend. According to the INE, the prices of both primary and processed food products were virtually unchanged compared to September of the previous year.
A Reversing Trend
The latest figures signal a troubling shift in the nation’s economic trajectory. Cape Verde had experienced a period of relative relief in import costs through the early part of the year. However, that trend reversed in February, marking the beginning of a steady climb that culminated in September’s sharp double-digit increase.
The data, compiled by the INE in collaboration with the General Directorate of Customs, underscores the ongoing challenges the island nation faces as it navigates volatile global markets.
Image: Pexels – Carlo Jünemann
