Top 10 African countries with highest inflation rates in the 1st half of 2023
Soaring inflation rates have saddled several African economies making them porous and posing challenges to governments, businesses, and citizens alike.
Inflation which is the relentless rise in prices of goods and services over time has been a persistent concern across several African economies.
From North to South, East to West, the continent has grappled with varying degrees of inflation, impacting consumer purchasing power, economic stability, and policy decision-making.
The causes, consequences, and potential solutions to high inflation rates in Africa are multifaceted and complex.
Several African nations have experienced prolonged periods of high inflation, which erodes the real value of money and puts pressure on household budgets.
In Ghana, inflation for June 2023 rose to 42.5%, compared to the previous month’s rate of 42.2%.
The increase was attributed to higher food prices, with food inflation surpassing the national average at 54.2%.
Imported products also experienced a significant price increase of 43.8%.
Zimbabwe’s annual consumer inflation eased sharply to 101.3% in July 2023 from a nearly two-and-a-half-year high of 175.8% in June 2021, helped by an appreciation of the Zimbabwean dollar.
Zimbabwe experienced a decade-long period of hyperinflation due to poor monetary policy strategies.
Factors contributing to this challenge are diverse and often interconnected.
Supply chain disruptions, currency devaluation, political instability, inadequate infrastructure, and global commodity price fluctuations are among the myriad causes of inflation in the region.
The Ghana Report retrospect the top 10 inflation rates in Africa with Zimbabwe recording hyperinflation among the top 10.
| Rank | Country | Inflation rate |
|---|---|---|
| 1. | Zimbabwe | 101% |
| 2. | Sierra Leone | 44.81% |
| 3. | Ghana | 42.5% |
| 4. | Egypt | 36.5% |
| 5. | Ethiopia | 28.8% |
| 6. | Malawi | 27.3% |
| 7. | Nigeria | 24.08% |
| 8. | Gambia | 17.81% |
| 9. | Rwanda | 17.3% |
| 10. | Angola | 12.12% |
This list is provided courtesy of Trading Economics, a data platform that offers its customers precise data for 196 nations, including historical data and projections for more than 20 million economic indicators, currency rates, stock market indices, government bond yields, and commodity prices.
The data above are current inflation figures for June 2023.