Reference Date: 22-September-2016
The country produces a very limited quantity of cereals. The staple foods are sweet potatoes, cassava and plantains. With a population of about 800 000, the total cereal import requirement for 2016, overwhelmingly supplied through commercial channels, is forecast at about 28 000 tonnes, including 8 000 tonnes of rice and 20 000 tonnes of wheat.
Due to rapidly rising domestic demand since the oil boom began in the mid-1990s, inflation in Equatorial Guinea has been higher than in other countries of the Franc Zone in recent years, peaking at 6 percent in 2009. Subsequently, rates of inflation declined, albeit irregularly, due economic recession and declining oil and food prices. According to the International Monetary Fund (IMF), average inflation rates, at 3.2 percent in 2015, are forecast to further decrease to 2 percent in 2016.