The economic growth of African countries has stalled mainly due to rising inflation which has now become a shared trend worldwide. The overall inflation rate in Sub-Saharan Africa is expected to grow to 12.2 per cent. This is because many countries on the continent lack a sufficient central banking system, which in turn results in the manipulation of currency to achieve short-term economic goals.
Which African country is experiencing the worse inflation now? A simple answer would be Zimbabwe, but Zimbabwe’s inflation problem is not new, rather, countries that were doing well before the current economic crises, like Ghana, Malawi, Angola and Nigeria offer an even more puzzling case of economic downturn. Ghana for instance has been downgraded multiple times by the world’s most respected ratings agencies like S&P and Moody’s. Fitch’s Ratings recently confirmed these downgrades.
Furthermore, the global supply disruptions caused by the coronavirus (COVID-19) pandemic and Russia’s invasion of Ukraine are also some of the major drivers responsible for inflation. In fact, prices are set to rise even further, as Russia and Ukraine are major wheat suppliers to many African countries. Benin, for example, imports all its wheat from Russia, while imports to Somalia originated almost solely from Russia and Ukraine.
Countries with the highest inflation rate in Africa 2022
According to the IMF, Sudan has the highest inflation rate in Africa as of 2022. The rate reached roughly 245% owing to a long-running economic crisis and political instability. Zimbabwe ranked second on the list of African countries with the highest inflation, averaging 90%.
Below is a table with actual values, consensus figures, forecasts, statistics and historical data for – Inflation Rate. It provides values for the Inflation Rates reported in several countries part of Africa. The table has current values for Inflation Rate, previous releases and the release dates.
Ranking African countries with the worse inflation
Here is a list of all African Countries ranked according to the latest inflation rate data according to Trending Economics.
|Rank||Country||Latest Inflation (%)||Previous Inflation (%)||Reference|
|12||Sao Tome and Principe||16.7||14.9||Jun/22|
|51||Central African Republic||2.7||4.2||Dec/21|