- High inflation rates are putting strain on several African countries, making things more expensive.
- Inflation is defined as the rate at which the price of goods and services rises over a set period of time.
- Six African countries with the highest inflation rates are presented by Business Insider Africa.
- After analyzing statistics from several sources, this list was created.
- The statistics agencies of various African countries, Trading Economics, Statista, Reuters, and other sources were studied.
Some well-known analysts told Bloomberg earlier this year that the biggest threat to the world economy in 2022 will not be the COVID-19 epidemic. Instead, there would be a lot more inflation. And, to be honest, analysts at Business Insider Africa were not surprised by the prediction. After all, here in Africa, inflation has always been a huge issue.
Inflation is one of the most powerful adversaries of economic creation. It slowly but steadily depreciates the value of money. It is a persistent issue throughout Africa. Even if many of those affected are unaware of the harm it can bring, they are affected by it in the form of higher pricing, more expensive food, and so on.
Due to significant inflation, Africa's most costly countries
While inflation is a concern across the continent, it is more acute in some countries. And, as you can see from the list below, living in these nations may be rather costly.
Please note that we used data from reputable sources such as Statista, Reuters, Trading Economics, and the statistics authorities of many African countries, among others. It's also worth noting that inflation rates aren't always the same. As a result, if you're reading this at a later time, the rates may have changed.
African countries with the highest inflation rates in 2022
1. SUDAN
Sudan's Central Bureau of Statistics put the country's inflation rate at 258.40 percent in February 2022, according to Reuters. Sudan has the highest inflation rate in Africa as a result of this. However, according to Statista's forecasts, Sudan's inflation rate will fall to 41.8 percent by the end of 2022.
2. ZIMBABWE
As of February 2022, the Zimbabwe National Statistics Agency (ZimStat) reported that the country's inflation rate was 66.1 percent. As a result, Zimbabwe has the second highest inflation rate in Africa.
3 ETHIOPIA
Ethiopia's inflation rate increased to 34.7 percent in March 2022, up from 33.6 percent in February. This is based on data from a variety of sources, including Trading Economics and the United States Department of Agriculture.
4. ANGOLA
According to the Instituto Nacional de Estatistica in Angola, the country's inflation rate jumped by 1.565 percent to 28.56 percent in March, up from 27.28 percent in February. According to Statista, the country's inflation rate will drop to 14.9 percent this year.
Zambia's inflation rate jumped to 16.1 percent in March, up from 15.30 percent in February, according to Zambia's Central Statistical Office.
5. NIGERIA
In March 2022, Nigeria's inflation rate increased to 15.92 percent, up from 15.70 percent in February. According to data released by the country's National Bureau of Statistics, this is the case (NBS). Nigeria's inflation is expected to rise, according to Statista.