Ghana, Ethiopia and Nigeria record the highest inflation rates in leading African countries as of October 2022.
Quite often, we wonder why the price of one commodity today changes tomorrow, and the answer is simple – its Inflation. Inflation measures the rate at which prices rise in an economy, and this may occur for a number of reasons like, demand, cost of products and services, increased money supply, devaluation, government policies and regulations amongst other factors. All these can affect the buying power of any individual of state significantly.
Recent surge in inflation have been attributable to the impact of the Covid-19 pandemic and the Russia-Ukraine invasion.
Here is a list of inflation rates in the leading African countries as of October 2022.
Current Inflation Rate
NB: This list was updated on the 3rd of October 2022 from various Mustard Insights Sources