Ivory Coast October Inflation Rate Rises to 3%, Institute Says

Nov. 7 (Bloomberg) -- Consumer prices in Ivory Coast, the world’s biggest cocoa producer, increased 3 percent in October from a year earlier as food, housing and education costs rose, the country’s National Institute of Statistics said.

Inflation accelerated 2.2 percent in September, the Abidjan-based statistics office said in an e-mailed statement today. Prices rose 0.4 percent in the month, it said.

Ivory Coast, the biggest economy in the eight-member West African monetary union, is recovering from a post-election crisis in 2011 that disrupted most business activities.

After contracting 4.7 percent last year, the nation’s economy is expected to grow 8.6 percent in 2012, the International Monetary Fund said on Oct. 2. Ivory Coast’s government is targeting 9 percent growth in 2013.

Food and soft drinks prices rose 5.2 percent from a year ago, while housing and utilities increased 3.4 percent. Education costs advanced 4 percent and transport prices increased 2.1 percent. Health-care prices fell 0.8 percent while communication costs declined 0.6 percent.

To contact the reporters on this story: Olivier Monnier in Abidjan at omonnier@bloomberg.net; Baudelaire Mieu in Abidjan at bmieu@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net