Top 5 African Countries with the highest inflation rates in 2022

The continuous rising of inflation has been a trend worldwide in 2022. In Sub-Saharan Africa, it is expected to increase to 12.2 percent. This is due to the fact that most countries on the continent do not have enough central banking systems. Because of this, the currencies are often manipulated to achieve short-term goals.

Also, due to the coronavirus pandemic, there was a disruption in many economies. The ongoing war between Russia and Ukraine is also a contributing factor to inflation in the world. It is expected that there is going to be a further rise in the prices of commodities like wheat because countries like Russia and Ukraine are the major suppliers of wheat to many African countries.

AFRICAN COUNTRIES WITH THE HIGHEST INFLATION RATE

According to the IMF, the country with the highest rate of inflation in Africa as of 2022 in Sudan. They have the highest rate because of the economic crisis and political instability.

1 . SUDAN

sudan inflation 2022 — Sudan inflation 2022

The inflation rate for consumables in Sudan has moved from between 10% to 245.1% over the past 60 years. Sudan’s inflation rate is high because of some reforms the government implemented. The government wanted to bridge the gap between the Sudanese pounds to that of the forex prices.

This led to an increase in the currency rates. The inflation rate is what determines the price consumers will pay for a standard basket of food. Currently, the rate stands at 245.1%.

2 . ZIMBABWE

Since Russia invaded Ukraine, the inflation rate in Zimbabwe shot up from 66% to more than 130%. This has been a blow to the purchasing power of most Zimbabweans. Already the economic situation in the country is worse and this makes it difficult for the citizens to afford a living.

3 . ETHIOPIA

Ethiopia’s inflation rate has always been high. As of April, the inflation rate for food stood at 41.9 percent. The rise is due to the spikes in prices of cooking oils and fats, non-alcoholic beverages, bread and cereals, fish and sea foods, dairy, and meat products.

Also, due to the devaluation of the local currency, the rates went up. The Ethiopian government however took various actions to control the high rates but it still remains double-digit.

4 . ANGOLA

The inflation rate for consumer prices in Angola stands at 23.9%. In April the rate increased by 0.9 percent.

5 . SIERRA LEONE

The country’s inflation rose up by 0.38 percent in April from 22.06% to 22.44%.

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