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Reference Date: 11-February-2013
The country does not produce a significant quantity of cereals. The staple foods are sweet potatoes, cassava and plantains. With a population of about 576 000, the total cereal requirement for 2013, overwhelmingly supplied through commercial imports, is estimated at about 28 000 tonnes, including 8 000 tonnes of rice and 20 000 tonnes of wheat.
According to the IMF, the average inflation rate declined from 6.3 percent in 2011 to 5.4 percent in 2012, in spite of increasing global commodity prices.
In recent years inflation in Equatorial Guinea has been higher than in other countries of the Franc Zone, due to rapidly rising domestic demand since the oil boom began in the mid-1990s. According to the IMF, average inflation shot up from 2.8 percent in 2007 to 4.7 percent in 2008, continuing to increase to 8.3 in 2009. It consequently declined to 6 percent in 2010, the deceleration being less pronounced than in neighbouring countries due to high fuel prices, continued high levels of capital expenditure and strong growth in the non-oil sector.
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