African economies face profound problems from rising inflation, which affects societal stability, corporate confidence, and buying power. Inflation of commodity prices since the 2020 pandemic has constituted a major disruption in the growth of the continent’s economy. However, this is likely to change as per the projections of economists and international financial institutions.
10 African countries with the highest inflation rate in 2024
- Business Insider Africa presents 10 African countries with the highest inflation rate in 2024.
- This list is courtesy of the World Bank.
- Zimbabwe ranks number 1 on this list.
Inflation is a crucial economic indicator that has an impact on all sectors of society. Africa has seen a spike in inflation in recent years, which has created difficulties for the continent's economic progress and stability.
However, a report by the World Bank titled “Addressing Inequality to Revitalize Growth and Alleviate Poverty in Africa," points to hope on the horizon as it shows a favorable progression for inflation across the continent.
According to the report; “Inflation is cooling in most Sub-Saharan African countries but remains high. About 90 percent of the countries in the region (42 of 47) are projected to have lower inflation in 2024 (relative to the previous year); however, the rate of inflation is expected to be lower than the pre-pandemic period for only seven countries.”
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The normalization of international supply chains, the gradual drop in commodity prices, the results of monetary tightening and fiscal consolidation among Sub-Saharan African nations, and other factors may all be responsible for the decreased inflation in the area.
However, the report also adds that; “a group of countries in the region still exhibit persistently high rates of inflation (above target) and, in some cases, these rates have not yet peaked—although this group is gradually becoming smaller.”
With that said, here are the 10 African countries, with the highest inflation rates.
Source: Haver Analytics, Bloomberg World Bank
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- Zimbabwe
- Sierra Leone
- Malawi
- Nigeria
- Ethiopia
- Ghana
- The Gambia
- Burundi
- Angola
- Guinea
