The impact of Russia-Ukraine invasion on food and energy prices have been predominantly identified as critical drivers of several countries' recent spike in inflation.
Quite often, we wonder why the price of one commodity today changes tomorrow, and the answer is simple – it's inflation. Inflation measures the rate at which prices rise in an economy, and this may occur for several reasons like demand, cost of products and services, increased money supply, devaluation, government policies and regulations, amongst other factors. All of these can significantly affect the purchasing power of the people.
Recently, inflation has become a global phenomenon. The Russia-Ukraine invasion and high energy prices have been predominantly identified as core drives of several countries' recent spike in inflation.
Here is a list of inflation rates in the leading African countries as of August 2022.
Country | Inflation Rate | Reference |
Nigeria | 19.64% | July/22 |
South Africa | 7.8% | July/22 |
Egypt | 13.6% | July/22 |
Algeria | 11.70% | Jun/22 |
Morocco | 7.7% | July/22 |
Kenya | 6.61% | August/22 |
Ethiopia | 33.5% | July/22 |
Ghana | 31.7% | July/22 |
Angola | 21.4% | July/22 |
Tanzania | 4.1% | July/22 |
NB: This list was updated on the 6th of September 2022 by Mustard Insights from various official sources
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