Rising inflation rate is a growing trend on the African continent and in many parts of the world. This uptrend has seen consumer prices spike in many countries of the world, including emerging and well-developed economies.
According to a report released by statista in June 2022, the inflation rate in Sub-Saharan Africa was projected to be 12.2 percent, representing the largest annual change since the 2008 recession.
The National Bureau of Statistics (NBS) in Nigeria last week disclosed that the country’s inflation rate rose to a 17-year high of 19.64% in July 2022. The last time Nigeria suffered a 19% average inflation was in 2005 under the leadership of President Olusegun Obasanjo. At the time, Nigeria’s inflation rate spiked from a single digit in January 2005 to a whooping 28.2% by August of the same year.
List of some African countries and their inflation rates
Zimbabwe – 256.9 % (July 2022)
Sudan – 148.90% (June 2022)
Ghana – 31.7% (July 2022)
Nigeria – 19.64% (July 2022)
Rwanda – 19.6% (July 2022)
Egypt – 13.6% (June 2022)
Botswana – 12.7% (June 2022)
Kenya – 8.3% (July 2022)
South Africa –7.8% (July 2022)
Why it matters
The inflationary pressure on Nigeria and other African countries is a global occurrence that financial institutions in every country must work around to create ease and soften the impact on its citizens.