Last updated on September 12th, 2022 at 03:17 pm
Inflation is rising rapidly across the world in 2022. The global supply disruptions caused by the COVID-19 pandemic and Russia’s invasion of Ukraine are the major drivers responsible for inflation. Today, we will talk about the top 10 African countries with the highest inflation rates in 2022.
Sudan has the highest inflation rate in Africa in 2022. The inflation rate reached 245.14 per cent in 2022, according to Statista. High inflation has been a persistent problem for Sudan for more than a year.
Since the start of the Russia-Ukraine war, Zimbabwe’s inflation rate shot up from 66 per cent to more than 130 per cent, according to official statistics. The war has also cut off a key supplier of wheat to Zimbabwe, leading to an increase in food prices.
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The annual inflation rate in Ethiopia reached 36.6 per cent in April, reaching the highest point since November of 2011. There is an increase in the price of cooking oils and fats, non-alcoholic beverages, bread and cereals, fish and sea foods, dairy, and meat products.
Ghana’s annual inflation rate accelerated for the 12th consecutive month to 27.6 per cent in May 2022. Inflation is high because of the higher costs of imported goods such as cooking oil and gasoline.
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Inflation in Angola reached 27.3 per cent in 2022. Food items have the highest contribution to the overall increase in prices.
The inflation rate in Sierra Leone increased to 22.44 per cent in 2022. Corruption and mismanagement of monetary policies are the major drivers responsible for inflation in Sierra Leone.
The inflation rate reached 17.71 per cent in Nigeria in 2022. The rise in food inflation was caused by an increase in prices of bread and cereals, food products, potatoes, wine, fish, meat, and oils.
The inflation rate in South Sudan reached 16 per cent in 2022 due to drought and higher food prices. Import bottlenecks along the southern border with Uganda and Kenya also affected the country.
The inflation rate in Zambia reached 15.7 per cent in 2022 due to the depreciation of the kwacha and elevated food and transport prices. The war in Ukraine also led to higher inflation.
São Tomé and Príncipe
The inflation reached 14.49 per cent in São Tomé and Príncipe in 2022. Drought and mismanagement of monetary policies have also affected the country.
|São Tomé and Príncipe||14.49%|
These are the top 10 African countries with the highest inflation rates in 2022. What do you think about these countries?