Africa's Inflation Among Region's Most Urgent Challenges. Financial risks, including currency depreciation and inflation, is topping the list of challenges facing the 54 African economies in the . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Policy coordination can help. Performance & security by Cloudflare. Global production fell in the second quarter due to slowdowns in Russia and China. JOHANNESBURG, Oct 19 (Reuters) - South Africa's headline consumer inflation slowed for a second month in a row in September, to 7.5% year on year from 7.6% in August, though core inflation rose, data from Statistics South Africa showed on Wednesday. also not be complacent: countries where domestic demand pressures are On a month-on-month basis, headline consumer inflation was at 0.1% in September from 0.2% in the previous month. well targeted as possible to maximize their impact and minimize their costs The continent loses between 5% and 15% of gross domestic product to climate change. South Africa's inflation hit a new record high of 7.8 percent year-on-year in July, its highest level in 13 years, driven mainly by rising food, transport, and electricity prices, official. According to Reuters, Sudan's Central Bureau of Statistics reported the country's inflation at 258.40% in February 2022. One of the most urgent issues confronting the region is the need to tackle decade-high levels of inflation which are devastating . The softer rise was primarily driven by slower growth in prices for housing and utilities. One of the most urgent issues confronting the region is the need to tackle decade-high levels of inflationwhich are devastating incomes and food securitywhile also supporting [] Sub-Saharan Africa However, rising inflation appears like a common theme throughout Africa. Food inflation rose to 20.6% in June 2022 from 19.5% recorded in May 2022, while core . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 6 Sierra Leone faces one of the most challenging economic environments in years, marked by See here for a complete list of exchanges and delays. Your IP: Moreover, prices for recreation and culture also grew at a more subdued pace. South Africa's annual inflation rate eased for the second month to 7.5% in September of 2022, from 7.6% in August, matching market expectations but still above the upper limit of the South African Reserve Bank's target range of 3%-6%. However, in the coming months, governments and policymakers must carefully monitor and prioritise tackling the rising inflation in Africa. And the more wages rise, the greater the risk of a sustained increase in inflation. This page shows the inflation figures for 2022 for a large number of countries so that you can easily compare them with one another. While countries with exchange rates that are fixed or heavily Relevance for Nigeria: Africas largest economy, Nigeria, is also experiencing galloping inflation currently at about 20.7% year on year. Reporting by Enas Alashray; Editing by Toby Chopra, Young Kenyan tree activist speaks up for Africa at COP27, Kenyan court drops $60 million corruption case against deputy president, Nigerians trade waste material for health insurance, African insurers take up climate change fight with $14 bln pledge, South African court reverses earlier ruling against Amazon's Africa HQ, Gold Fields shares jump 21% after Yamana deal collapse, South Africa's new ground station to help NASA track space flights, Vodacom gets fibre boost as regulator approves transfer of DFA licences, Zimbabwe's new mineral royalty policy comes into force, See here for a complete list of exchanges and delays. These nations have their currencies fast declining and foreign exchange reserves dwindling. rates in the region increased to almost 9 percent in August. The 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 . But policymakers must The last time the inflation rate in Nigeria touched the 18.6% ceiling was January 2017, when it stood at 18.72%. All quotes delayed a minimum of 15 minutes. However, governments must remember that these interventions should be temporary and precisely targeted to optimize their impact and minimize their already-strained budgetary expenses. The rate is estimated to decrease although it . The cost of living crisis caused by higher inflation rates is still biting South African consumers hard. 2022. On a month-on-month basis core inflation was at. The increase was on the back of rising costs across key sectors of transport, food and non-alcoholic beverages (NAB), and housing and utilities. The growing inflation in Ghana has been related to the Russia-Ukraine conflict. If the subsidy continued to the end of the 2022/23 fiscal year, it would have cost the taxpayer $2.31 billion, equal to the entire national government development budget. The same applies to countries where monetary policy credibility is weak, In contrast, the pricing of products and services that most reflect domestic demand pressures, known as non-tradableswhich often include any domestically produced services, such as those in the education, health, and hospitality sectorshave only seen minor spikes. on already-stretched budgets. Zimbabwe ranked second on the list of African countries with the highest inflation, averaging 90%. Zimbabwe: 309 per cent; Ethiopia: 35.5 per cent; Rwanda: 32.7 per cent; Ghana: 32 . accommodative, given that rate increases have not kept pace with This is aimed at containing the growing inflationary pressures and resetting the country on an economic growth path. nontradableswhich typically include any locally-produced services, such as Inflation came in at 7.6% in August, which was down from July's 7.8%. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Tunisia went through a crisis triggered by soaring energy prices and unprecedented inflation of foods in 2022. Against a backdrop of record increases in food, transport, and electricity prices, a protest against high . New survey takes the temperature of business across Africa. The industry leader for online information for tax, accounting and finance professionals. The softer rise was primarily driven by slower growth in prices for housing and utilities. Countries with fixed or carefully controlled exchange rates have experienced lower inflation than those with accommodative regimes. and services that most reflect domestic demand pressures, so-called Fiscal consolidation has a The countrys core inflation rate, which strips out food, rose by 37.8% year on year compared to 36.8% the year before. South Africa inflation rate for 2019 was 4.12%, a 0.4% decline from 2018. economic activity. Inflation in South Africa surged to its highest level in 13 years in June, driven primarily by rising prices for food, transport and housing, official data showed on Wednesday. Seung Mo Choi, Samson Mboueke, and Cleary Haines. Against a backdrop of record . sub-Saharan Africa, living costs across the region have spiraled. estimates that 12 percent of the regions population will face acute In 2020, the country's inflation rate rose to over 500 percent. Sub-Saharan Africa has been facing one of the most difficult economic circumstances recently, with the pandemics delayed recovery, soaring energy and food prices, and increased public debt levels. . decisively. PUBLISHED: Thu, 20 Oct 2022 15:35:07 GMT . Read More, There are some concerns that monetary policy could still be too High food price inflation makes poor people even poorer. The inflation rate for these items rose as much as 69.6% year on year indicative of the challenges faced by ordinary Ghanaians. This was fuelled by a drop in fuel prices, the country's statistics agency (StatsSA) said Wednesday. contrast to richer countries elsewhere that could inject trillions of Many countries have therefore turned to subsidies and tax cuts to alleviate South Africa: Inflation softens in August. Addressing the rising inflation in Africa while supporting economic growth and cushioning the vulnerable against economic shocks requires an urgent but careful . Core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, rose to 4.4% year on year in June, from 4.1% previously. of overall inflation in fragile states and one-half elsewhere in the inflation, policymakers must proceed with caution in coming months while Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. South Africa's annual consumer price index inflation rate surged to a 13-year high of 7.4 percent in June 2022, driven mainly by a rise in food and fuel prices. While significant disparities exist across nations, the regions median inflation rate surged to about 9 per cent in August. Visit our, FurtherAfrica is a FurtherMarkets Limited platform, FAO advocates scaling up early warning approaches at regional SADC meeting, African low carbon innovators lead once more in prestigious international climate awards, Africas blue economy potential for diversification, Rising inflation in Africa represents priority action area, COP27 Angola defends strengthened fight against climate change, COP27 Rwanda secures US$100M for green investments, Angola international net reserves cover over 7 months of imports, Central Bank of Egypt hikes key interest rates by 2%, Mozambique moving forward with business friendly fiscal reforms. CAIRO, Nov 5 (Reuters) - Tunisia's annual inflation rate slightly rose to 9.2% in October from 9.1% in September, the state news agency (TAP) said on Saturday. The countries with the highest food inflation are listed below. credit for investment, depressing economic activity, and reducing incomes. This includes energy (+22.1%) and . "Annual consumer. Looking at the details of the release, the moderation was chiefly due to transportation price growth easing in September . South Africa's inflation rate, which hit a record high of 7.8 percent in July, edged down to 7.6 percent in August from a year earlier. . According to World Bank projections, inflation in Sub-Saharan Africa is anticipated to reach 12.2 per cent by 2022. South Africa inflation rate for 2018 was 4.52%, a 0.67% decline from 2017. The United States (US) consumer spending also fell short of expectations. role to play in countries where policy is too loose, as can a A long chain of linked factors since September 2021 caused inflation to rise in early 2022, as explained by the Central Bank in its Monetary Policy Report (IPOM), a report that the entity . Most countries in the region Financing African countries' nationally determined contributions public pledges from countries on how they plan to play a part in post-2020 collective action on climate changewill require up to 1.6 trillion between 2022 by 2030. This calculation is based on future inflation assumption of NaN% per year. Here are the Top 10 African Countries with the highest inflation rate in Africa in. South Africa's inflation rate, which hit a record high of 7.8 percent in July, edged down to 7.6 percent in August from a year earlier. Meanwhile, fiscal consolidation and the global slowdown weigh on domestic At Fitch Solutions, we believe that most North African economies will continue to face an array of headwinds in 2023, which will result in growth slowing from 4.7% in 2022 to 2.8% in 2023. Data published Monthly by Statistics. domestic demand pressures have not so far been an important driver of But growth in 2022 is expected to slow sharply by more than 1 percentage point to 3.6 percent, as a worldwide slowdown, tighter global financial conditions, and a dramatic pickup in global inflation spill into a region already wearied by an ongoing series of shocks. closely monitoring inflation. Tunisia's annual inflation rate slightly rose to 9.2% in October from 9.1% in September, the state news agency (TAP) said on Saturday. The same is true for nations with low monetary policy credibility. Cloudflare Ray ID: 767fa298693ad63a IMFBlog is a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day. though the rise has been less dramatic than in other parts of the world, September's figure marked the lowest inflation rate since June. The inflation rate in Ghana for the month of September was 37.2% suggesting the country's economy battered by currency depreciation and . Addressing the rising inflation in Africa while supporting economic growth and cushioning the vulnerable against economic shocks requires an urgent but careful approach. On fuel subsidy alone, Kenyan taxpayers spent a total of $1.186 billion and a whopping $495 million in the last four months of President Kenyattas administration. Historical Data (index points) by years Data Period Date Historical Chart by presidents (index points) Moreover, prices for recreation and culture also grew at a more subdued pace. The rate surged past the central bank's target range for the first time in more than 5 years. Tunisia's National Institute of Statistics has released data that shows the country's annual inflation rate in the country quickened for the 13th straight month to 9.2% in October of 2022. Moreover, the increase has been less dramatic than in other areas of the world for different reasons. spike in global commodity prices, swings in the exchange rate, global Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Main upward pressure came from prices of food & [] Please enter your username or email address to reset your password. Average annual inflation in Zimbabwe is projected to fall from a high of 94.6% in 2021, to 32.6% next year and 17.5% in 2023, according to the ministry of finance. increases is constrained by their currency arrangement. There are some concerns that monetary policy could still be too A South African court has overturned an earlier order halting construction of Amazon's new African headquarters in Cape Town after some descendants of the country's earliest inhabitants said the land it would be built on was sacred. This was fuelled by a drop in fuel prices, the country's. Prices slowed further for transportation (17.9% vs 21.2% in August), on account of fuels (34.1% vs 43.2%). the squeeze in household incomes. Inflation dropped to 7.5% in September, which followed August's 7.6%. One of the most urgent issues confronting the region Consumer inflation was running at 5.9% . Furnishing and household equipment and transport also rose 55.7% and 46.3% respectively year on year. The current inflation rate in South Africa is 7.80%, which is calculated based on CPI (Consumer Price Index) values for the last 12 months ending in September 2022. inflationwhich are devastating incomes and food securitywhile also supporting The rate is the highest recorded in 13 years. Central banks have already started raising interest rates in response to rising inflation in Africa, capital outflows, and currency devaluation caused by tighter monetary policy in industrialized countries. Consequently, they account for two-thirds of total inflation in fragile nations and one-half elsewhere in the continent. In August 2022, South Africa's inflation rate came in at 7.6% down from 7,8% recorded in July 2022. With food and energy accounting for half of household consumption in The IMF forecast GDP growth at 5% in 2022 for countries in the region. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Conversely, since the onset of the pandemic, external forces have determined the direction of inflation. combination of rate increases and currency depreciation. Despite a recovery last year, the pandemics aftermath has left domestic economic activity in Sub-Saharan Africa generally subdued, and experts predict the regions GDP will decelerate this year. This website uses cookies. The October rate is the highest since August of 1987, from 9.1% in the prior month. The IMF estimates that 12 per cent of the regions population will face acute food insecurity by the end of this year. October 20, 2022. The table has current values for Inflation Rate, previous releases, historical highs and record lows, release frequency, reported unit and currency plus links to historical data charts. Despite a rebound last year, the fallout from the pandemic has kept They include a sudden increase in commodity prices, currency fluctuations, global supply chain disruptions, and natural calamities. North Africa and Middle East [ edit] Countries in North Africa were disproportionally affected by inflation. The list of African countries with the worst inflation is: Sudan: 220.7 per cent (April 2022. tradable goods like household products. What is CPI Index in South Africa? A worse-than-expected slowdown in China has reflected COVID-19 lockdowns and outbreaks. This is also the highest reading since January 2017 when the rate was 6.6%. Moreover, the global economy has had to confront additional negative spillovers from the Ukraine conflict. expect growth in the region to slow this year. The bureau said this on Wednesday in its latest consumer price index (CPI) report for July 2022. In the November 09, 2022 6:17 PM. case of food, the rising by just 9.5%. Ghana also captures the inflation rate for locally produced items and confirmed an inflation rate of 39.1% compared to 43.7% for currency-induced imported items. inflation. 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. South Africa inflation rate for 2021 was 4.61%, a 1.4% increase from 2020. Inflation in Sub-Saharan Africa was set to reach 12.2 percent in 2022, after increasing steadily from 2020 onwards. Instead, external developments have shaped the The maximum level was 120 index points and minimum was 1.2 index points. South Africa: Inflation drops to lowest level since June in September. Some worry that monetary policy is still excessively accommodating, given that rate hikes have not matched inflation. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. However, Ghanaians pay less for Education with inflation. Central banks have already started raising interest rates in response to rising inflation in Africa, capital outflows, and currency devaluation caused by tighter monetary policy in industrialized countries. The implied policy rate path of the central. This blog, which draws on the October 2022 Regional Economic Outlook for Sub-Saharan . role to play in countries where policy is too loose, as can a South Africa's Bureau of Statistics says the country's inflation rate increased to 7.8 percent in July 2022, up from 7.4 percent in the previous month. 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. is the need to tackle decade-high levels of trade-off: raising rates to keep inflation in check will risk choking off insecurity. in response to rising inflation, capital outflows and currency depreciation The rand had an average deflation rate of -100.00% per year since 2022, producing a cumulative price change of NaN%. JOHANNESBURG (Reuters) - South African inflation surged to a 13-year high in June, data showed on Wednesday, moving further away from the central bank's target the day before . They include the sharp The President has noted Kenyas economy could no longer sustain consumption subsidies. October 19, 2022. All rights are reserved, Ghanas Inflation rate hits 40.4% for October 2022. Across the alike era, inflation has been persistently close to the higher group or beyond of the South African Supply Bank's target range. Global inflation is forecast to rise to 8.8% in 2022 from 4.7% in 2021 but decline to 6.5% in 2023 and to 4.1% by 2024, according to the . food insecurityby the end of this year. However, the rising cost of living in Ghana could force Nigerians living there to return or look for a better life in other countries, especially in Europe. Policy coordination can help. Inflation drivers: A cursory review of the data also reveals Ghanaians are experiencing higher inflation rates for housing, water, electricity, gas, and other fuels. Africa South African court reverses earlier ruling . 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. Inflation will remain elevated compared to the historical trend, while risks to the fiscal and external positions will persist despite lower commodity prices and IMF support. 164.132.162.102 They point to an upsurge in inflation, with food, fuel and accommodation prices all responding to the rising parallel exchange rate of foreign currency against the Zimbabwean dollar. September 21, 2022. . Inflation is on the rise across global economies. combination of rate increases and currency depreciation, Wage-Price Spiral Risks Appear Contained Despite High Inflation, Africa Food Prices Are Soaring Amid High Import Reliance, Energy Shocks Amid Rapid Inflation Could Fuel Faster Wage Gains. Read more Historical Annual Inflation Rates from 1958 Fiscal consolidation and a mix of rate rises and currency depreciation may play a role in nations where policy is overly permissive. These measures should be temporary and as Economists and investors also look at Core CPI data. CAIRO (Reuters) - Egypt's annual urban consumer inflation accelerated faster than expected in October, climbing to a four-year high of 16.2%, data from the statistics agency CAPMAS showed on . This policy shift indicates that food and fuel prices will be determined by the supply and demand market forces. That implies central banks must move cautiously and steadily increase interest rates to avoid jeopardizing economic recovery. 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%). % respectively year on year indicative of the regions population will face acute food insecurity by the and! 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