As of 2022, rising inflation has become a shared trend worldwide. The overall inflation rate in Sub-Saharan Africa is expected to grow to 12.2 per cent, and 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.
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%.
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