The Commission of the Central African Economic and Monetary Community (CEMAC) and the Economic and Statistical Observatory for Sub-Saharan Africa (Afristat) recently launched the Yaoundé project for the harmonization of index calculation methodologies of consumer prices.
This harmonization project follows the adoption of resolution 21, at the end of the extraordinary summit of Cemac heads of state in Yaounde, on December 23, 2016, concerning the double oil and security shock that affected the economies of the subregion. The said resolution noted the imperative for the States of the sub-region to produce statistical information of good quality, comparable and respecting deadlines through the harmonization of calculation methodologies, the implementation of new instruments, among others.
In the long term, the initiative envisages providing CEMAC with an instrument to measure inflation differences between the Member States and, as a result, to optimize and give credibility to the multilateral surveillance of the economies of the CEMAC zone. In terms of foresight, the Bank of Central African States envisages a reduction of inflationary pressures in the sub-region, with a rate of + 1.0%, at the end of December 2017.