Top 3 African countries and their inflation paces.
Inflation is one of the biggest adversaries to wealth creation. It consistently erodes the value of money. It has become Africa’s constant problem. And even though many of those it affects are unaware of the damage it can cause, they do feel it. Its effects are in the form of high prices, expensive food items, etc. Due to the coronavirus (COVID-19) pandemic and Russia’s invasion of Ukraine, global supply has been disrupted making it responsible for inflation. Prices are set to rise even further if there is no quick intervention.
Most monetary regulators of several countries have also raised their interest rates. Curbing the rising cost of goods and services. However, this is yet to yield any positives as the inflation rate remains stubbornly high. According to the managing director of the IMF Central banks from each country need to clamp down on the rising inflation rate. According to her, “Even now, the prices are creeping up. We need to dampen it down,” she stated. “Central banks from each country must take decisive steps to suppress inflation until it becomes clear that inflation rate is moving within a specific range.”
Here are the Top 3 African Countries with the highest inflation rate in Africa in 2022,
* Sudan has the highest inflation rate in Africa as of 2022. The rate reached roughly 245% in march 2022 owing to a long-running economic crisis and political instability. However, in April 2022 Sudan’s inflation rate decreased to 220.7%, still ranking as the highest followed by Zimbabwe.
* Zimbabwe recorded 132% in the previous month. Due to the Russian-Ukraine conflict, the inflation rate in Zimbabwe shot up by 66% in June making it 191% resulting in difficulty in purchasing by citizens.
* Ghana’s inflation rate for June 2022 sped to 29.8%, up from 27.6% recorded in the previous month and the highest in 19 years. This implies that the month-on-month inflation between May and June 2022 was 3%.