While disinflation makes strides across Cameroon, the national average masks a deeply uneven pricing landscape. An analysis of inflation trends for May 2026, conducted by the National Institute of Statistics (INS), reveals that five out of the ten regional capitals are experiencing price increases above the 3% tolerance threshold set for the CEMAC zone. This economic bloc includes Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic. Nationally, the inflation indicator settled at 2.7%, marking a notable decrease from the 3.3% recorded a year prior.

Two-speed inflation across Cameroonian regions

The INS report outlines a clear hierarchy of price growth, with Bertoua leading the way at a 4.2% rise in the general price level across its markets. Following closely are Ngaoundéré (3.8%), Bafoussam (3.7%), Bamenda (3.6%), and Buea (3.2%). Yaoundé, the political capital, aligns precisely with the community threshold at 3%. At the other end of the spectrum, Garoua managed to limit its price increase to 2.1%, ahead of Douala (2.4%) and Ebolowa (2.6%). Maroua, the administrative center of the Far North, presents the most striking anomaly, recording a 0.7% price decline over the month.

These pronounced differences, as highlighted by the institute, stem from various structural elements: fluctuating transport expenses, inconsistent availability of local produce, fragmented supply networks, and persistent logistical bottlenecks in specific areas. Essentially, the trajectory of prices remains intrinsically linked to the nation’s economic geography and the quality of infrastructure connecting production hubs to urban markets.

Security risks weigh heavily on regional prices

Beyond purely statistical analysis, the inflation map strikingly mirrors areas of insecurity. Bamenda and Buea, the regional capitals of the Anglophone North-West and South-West, have endured the repercussions of a separatist conflict since late 2016. This ongoing unrest disrupts agricultural production and vital commercial flows, with ripple effects frequently spilling over into the neighboring West region, for which Bafoussam serves as a primary outlet. A similar dynamic is observed in Ngaoundéré and Bertoua, the main cities of Adamaoua and the East regions, respectively. These areas are destabilized by repeated incursions from armed groups originating in the Central African Republic and Chad, compounded by significant influxes of displaced populations.

In practical terms, insecurity drives up transportation costs, diminishes marketable harvests, and consequently pushes up profit margins for intermediaries. The clear correlation between hotspots of tension and inflationary surges is evident, even if the relationship is not always mechanically direct.

The Maroua paradox and the naira effect

However, the security-centric theory encounters a notable exception. Maroua, the capital of the Far North, has been the city most vulnerable to attacks by the Nigerian Islamist sect Boko Haram since 2016. Yet, it stands alone among the ten major cities surveyed in witnessing a price reduction in May 2026. The most plausible explanation points to its proximity to neighboring Nigeria: the ongoing depreciation of the naira currency renders imported goods, frequently introduced through informal channels, particularly competitive against the CFA franc. This monetary differential acts as an inflationary shock absorber, transforming the porous border into a crucial outlet for purchasing power for households in the region.

On a broader macroeconomic scale, Cameroon is steadily emerging from a period of economic strain that began in late 2021. After reaching a peak of 4.1% in the first half of 2025, national inflation receded to 2.1% in April 2026 before slightly climbing back to 2.7% in May. The year-on-year comparison confirms this moderation: the overall rise in prices has been significantly curtailed over a twelve-month period, allowing the country to fall back below the community norm.

For the Bank of Central African States (BEAC), which guides monetary policy for the sub-region, this convergence towards the target provides new room for maneuver. Nevertheless, the persistence of localized inflationary pockets, particularly in areas weakened by security crises, serves as a stark reminder that merely restoring nominal balances will not suffice to fully restore purchasing power across all regions of the country.