And the ever-increasing interest rates are affecting other countries . Wothappen reports that the world is currently battling with high inflation rate and Africa is not exempted from this experience, with countries on the continent printing record high inflation rate in 2022. October 20, 2022. Gross international reserves as of October 2022 are $94.074 billion. This page provides values for Inflation Rate reported in several countries part of Africa. The surge in inflation rate is following the rally in crude oil prices, amidst the face-off between Russia and Ukraine. Inflation (CPI) Inflation measured by consumer price index (CPI) is defined as the change in the prices of a basket of goods and services that are typically purchased by specific groups of households. While significant disparities exist across nations, the region's median inflation rate surged to about 9 per cent in August. The inflation rate in Ghana for the month of September was 37.2% suggesting the countrys economy battered by currency depreciation and fiscal challenges is not going away any time soon. If you want you can disable cookies from Google Analytics. The year-on-year inflation rate, as measured by the Kenya National Bureau of Statistics, was 5.56 percent in March 2022. Hyperinflation strikes Lebanon Again Accordingly, Egypts annual inflation rose to 14.7% in June, up from 5.3% in the same month last year. Furnishing and household equipment and transport also rose 55.7% and 46.3% respectively year on year. Rising energy and fuel prices are expected to be key sources of inflationary pressure in the year ahead. However, as recently as September 2022, some African countries have recorded interest rates as high as 17%, 19%, and even 22%. This is due to the fact that most countries on the continent do not have enough central banking systems. Remarkably, Venezuela began experiencing continuous and uninterrupted inflation in 1983 with inflation rates being in double digits. Articles Linked Above: What is Hyperinflation? Compared to the previous month, consumer prices increased 1.3%, after jumping 2.6% in May 2022. 5. Reacting to the surging inflation rate, monetary regulators of several countries have also raised their interest rates to curb the rising cost of goods and services. Your support matters! Also, according to forecasts from the International Monetary Fund (IMF), Argentina stands the risk of hitting a 90% inflation rate by the end of the year following rising prices of goods and services after the economy minister, Martin Guzman exited his position earlier this month. South Africa: 4.1000: 4.6000: 03/ . Central banks from each country must take decisive steps to suppress inflation until it becomes clear that inflation rate is moving within a specific range.. Your email address will not be published. rising by just 9.5%. By implication, the figure will impact the pressure on the countrys central bank to continue increasing borrowing costs, already at a five-year high. What is Inflation Rate in South Africa? Rwanda was next with 13.07. According to the Managing Director of the Kenya National Bureau of Statistics (KNBS), Macdonald Obudho, the rise in inflation was mainly due to increase in prices of commodities under food and non-alcoholic beverages, furnishings, household equipment and routine household maintenance, transport, and housing, water, electricity, gas, and other fuels. Sudan. United States. (ii) Annual average inflation: is the . Ghana Statistical Service reported its inflation rate rose to 40.4% for the month of October 2022 as the cost of goods and services continue to surge in the West African nation. Non-food inflation stood at 29.1% from 25.7% recorded in May 2022. Non-food inflation stood at 29.1% from 25.7% recorded in May 2022. According to the figures revealed by the Ghana Statistical service (GSS), the inflation rate jumped to an all time high of 40.4% for the month of October 2022. However, the managing director of the IMF has encouraged Central banks from each country to clamp down on the rising inflation rate. On a month-on-month basis, the inflation rate increased to 1.82% in June 2022, this is 0.03% higher than the rate recorded in May 2022 (1.78%). Despite the decline, inflation rate remains on the high compared to the previous year. Inflation in West Africa was projected at 10 percent in 2022. Never miss important updates! #1. Share this on WhatsAppSpread the love Ghana Statistical service reported its inflation rate rose to 40.4% for the month of October 2022 as cost of goods and services continue to surge in the West African nation. 2022: September: 6.81: 9.18: 2022: August: 6.61: 8 . Food inflation rose to 20.6% in June 2022 from 19.5% recorded in May 2022, while core inflation increased to 15.75% from 14.9% in the previous month. As of May 2022, Venezuela's inflation rate stands at 167%. Similarly, the inflation rate of USA rose to 9.1% in June, the highest in almost 41 years. In the same vein, the IMF increased the inflation projection for advanced economies to 5.7% and 8.7% for emerging market and developing economies. We verify whether cocoa prices could be a source of inflation in five countries of the West African region within a framework that includes other variables such as migrant remittances to. The biggest upward pressure came from prices of transport, food and non-alcoholic beverages, housing and utilities, and miscellaneous goods and services. The last time the inflation rate in Nigeria touched the 18.6% ceiling was January 2017, when it stood at 18.72%. . 13.2 per cent (June 2022) Nigeria's annual inflation rate increased from 15.6 percent in February to 15.7 percent in March 2022. Inflation is a general increase in the prices of goods and services in an economy. Your email address will not be published. This is also the highest reading since January 2017 when the rate was 6.6%. Nigerias inflation rate surged to a 65-month high of 18.6% in June 2022 from 17.71% recorded in the previous month, representing the fifth consecutive monthly rise in the rate of inflation. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The continuous rising of inflation has been a trend worldwide in 2022. . The last time the rate was above October's level was in July 2001 of 40.51% and it goes way above the country's central . According to Statistics South Africa, Transport and food and non-alcoholic beverages accounted for just over half of the annual rate, with sharp price increases recorded in both categories. Inflation in New Zealand exceeded forecasts in 2022 July, reaching 7.3% which is the highest since 1990. According to her, Even now, the prices are creeping up. The biggest upward pressure came from prices of transport, food and non-alcoholic beverages, housing and utilities, and miscellaneous goods and services. By using our website, you agree to our use of cookies. African Countries and their Inflation Rates in 2022 can be accessed below. Last year, Sudan topped the list of countries in the world with the worst inflation rate at 382.8% based on a 12-month moving average. Zimbabwes inflation rate surged to 191% in the month of June 2022 from 132% recorded in the previous month, further eroding the purchasing power of the citizens. In two months, it increased again to the verge of hitting 200%. Across the world, inflation is on the increase with food and energy prices hitting record highs. Annual inflation rate in Botswana increased to 12.7% in June of 2022, the highest since January of 2009, and compared to 11.9% in May, pushed up by elevated global energy prices. The debt-to-GDP ratio continues to decline to 37.6% as of the second quarter of 2019 from a record high of 78% in 2004. November 09, 2022 6:17 PM. South Africas inflation rate accelerated to 6.5% in May 2022 compared to 5.9% recorded in the previous month. One of the most urgent issues confronting the region is the need to tackle decade-high levels of inflation which are devastating . Sub-Saharan Africa faces one of the most challenging economic environments in years, marked by a slow recovery from the pandemic, rising food and energy prices, and high levels of public debt. The World Bank said inflation in the West African country could worsen in the coming months, due to. Top 10 Countries With The Highest Inflation Rates In Africa. Annual inflation rate in Botswana increased to 12.7% in June of 2022, the highest since January of 2009, and compared to 11.9% in May, pushed up by elevated global energy prices. South Africa: PMI improves but remains in contractionary territory in October. The overall inflation rate in Sub-Saharan Africa is expected to grow to 12.2 per cent. The annual inflation rate in Rwanda accelerated to 16.1% in June of 2022 from 14.8% in the previous month. Kenyas inflation rate surged to a 58-month high in June 2022 on soaring prices of food items, breaching the governments upper limit target for the first time since August 2017 (7.5%). Ghanas inflation rate for the month of June 2022 accelerated to 29.8%, up from 27.6% recorded in the previous month and the highest in 19 years. Nigeria's inflation rate drops to 15.6% in January 2022, from 15.63% in December 2021 Nigeria's consumer prices dropped to 15.6% in January 2022 according to the West African country's. On a month-on-month basis inflation rate was 2.7% for the month under review compared to 2% in September 2022. Inflation rate in Ghana for the month of September was 37.2% suggesting the country's economy battered by currency depreciation and fiscal challenges is not going away any time soon.</p><p>On . The unemployment rate as of October 2019, stands at 4.5%. The GDP growth rate in Gabon is meager, and inflation is high; it is currently -2.7%. All Rights Reserved. How Do You Get Permanent Residence in Australia? The new inflation rate increase adds to the worry regarding the slide in the country's currency which has led to calls by the opposition for the sack of Finance Minister Ken Ofori-Atta. Africa's inflation set to rise in 2022 Increases in consumer prices vary widely among countries in Africa. -. Below is a table showing African countries with the highest inflation rate: Ranks (#) Country. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. Due to a slowing in food costs (16.9% vs. 19.9% in December) and despite a further depreciation of the kwacha, this was the lowest rate since March 2020. Inflation is measured in terms of the annual growth rate and in index, 2015 base year with a breakdown for food, energy and total excluding food . According to the FRED chart below, the US debt to GDP ratio in the '70s was around 35%. Nigeria. Because of this, the currencies are often manipulated to achieve short-term goals. Learn more. In two months, it increased again to the verge of hitting 200%. This is the latest Consumer Price Index and Inflation Rate data for the United States. 5 mins. [113] Fortunately, some. Sudan haS the highest inflation in Africa as of 2022. Africa Inflation Rate -2022. After Sudan, Zimbabwe recorded the second-highest inflation on the African continent, averaging 90%. [112] In Fiji, inflation rose to 4.7% in April 2022 compared to -2.4% in 2021. We use Google Analytics to collect anonymous statistical information such as the number of visitors to our site. The report also stated that non-food inflation jumped from 36.8% in the previous month to 37.8% in October, as consumer prices rose by 2.7%. So when you access our website, in compliance with Article 22 of Law 34/2002 of the Information Society Services, in the analytical cookies treatment, we have requested your consent to their use. The world is currently battling with high inflation rate and Africa is not exempted from this experience, with countries on the continent printing record high inflation rate in 2022. Read more Historical Annual Inflation Rates from 1958 West Bank and Gaza inflation rate for 2019 was 1.58%, a 1.78% increase from 2018. However, please note that you can enable or disable cookies by following the instructions of your browser. However, the managing director of the IMF has encouraged Central banks from each country to clamp down on the rising inflation rate. Get the latest insights, stories and trends straight to your inbox. Ghana's inflation rate for the month of June 2022 accelerated to 29.8%, up from 27.6% recorded in the previous month and the highest in 19 years. The uptick in the inflation rate is largely due to the surge in energy prices, which affected transportation costs across the country, and by extension rise in food prices. The annual inflation rate in Rwanda accelerated to 16.1% in June of 2022 from 14.8% in the previous month. 8 Burundi Home World Ghanas inflation rate hits highest figure in years GSS. It is worth noting that the current inflationary pressure experienced by African economies, with Nigeria inclusive is a global phenomenon and is not peculiar to some countries. 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The last time the rate was above October's level was in July 2001 at 40.51% and it goes way above the country's central bank's target band of 6-10%. However, Ghanaians pay less for Education with inflation. Other data: Food inflation for the month under review rose 43.7% year on year compared to 37.8% the month before. Nigeria - 18.6% (June 2022) Nigeria's inflation rate surged to a 65-month high of 18.6% in June 2022 from 17.71% recorded in the previous month, representing the fifth consecutive monthly rise in the rate of inflation. The government of the West African nation hopes to restore macroeconomic stability amid surging inflation and price hikes which have forced a series of protests calling for the resignation of President Nana Akufo-Addo and the sack of Finance Minister Ken Ofori-Atta. Since the start of the Russia-Ukraine conflict, Zimbabwes inflation rate shot up from 66% to more than 130% in May. Today it is three and a half times higher, at 125%. This involves inflation based on the CPI (consumer price index) and the HICP (harmonised consumer price index) . We need to dampen it down, she stated. Sudan: According to Reuters, Sudan's Central Bureau of Statistics reported the country's inflation at 258.40% in February 2022. South Africa inflation rate for 2019 was 4.12%, a 0.4% decline from 2018. However, this is yet to yield any positives as inflation rate continues to remain stubbornly on the high. The rate surged past the central banks target range for the first time in more than 5 years. PAY ATTENTION: Join Legit.ng Telegram channel! The inflation rate for these items rose as much as 69.6% year on year indicative of the challenges faced by ordinary Ghanaians. Since 2000, the average inflation rate in the. : 8 other African currencies that are also struggling against the dollar makes the... The Zimbabwe National Statistics Agency ZIMSTAT on Friday showed 21.79 % in May 2022, Egypts inflation... 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