Basic Commodities: Unprecedented Surge In Demand Prompts Price Hike

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Basic Commodities: Unprecedented Surge In Demand Prompts Price Hike

02 avril 2020 17:51

T he outbreak of the Coronavirus pandemic has left the entire world in a state of pandemonium as it has claimed many lives across the globe. Various countries including Cameroon have taken measures to contain the spread of the highly contagious virus. Some of the measures taken by the government of Cameroon is partial confinement of people and particularly regulating trade activities in markets and supermarkets. As soon as these measures were made public by the Prime Minister, Head of Government, Joseph Dion Ngute, on March 17, panic-stricken Cameroonians started flooding the markets and supermarkets to buy in bulk for the fear of the unknown. The unusual buying habit exhibited by some occasioned the surge in prices of basic commodities as traders quickly took advantage of the situation. The rumour fuelled by the social media on a possible total lockdown further compounded the situation. Also, in respect of social distancing measure prescribed by the government and the World Health Organisation, most well-to-do households quickly bought in bulks to stock their homes in other to avoid crowded environment. Items such as rice, cooking oil, toiletries witnessed an increase in demand which also effected the price.

Another reason why there has been speculation and its consequent price hike is the restriction on importation of frozen products like fish from China (where the virus originated) and other affected countries. This has pushed business operators to hike prices in order to increase their profit margin. Trade Minister, Luc Magloire Mbarga Atangana, during one of his control outings in markets in Yaounde sealed to rice warehouses in Mokolo and Fouda neighbourhoods ...