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Inflation is one of the biggest enemies to wealth creation. It silently but consistently erodes the value of money. Across Africa, it is a constant problem. And even though many of those it affects are unawares of the damage it can cause, they do feel its effect in the form of high prices, expensive food items, etc.

In this article, we shall be focusing on eight most expensive African countries to live in due to their high inflation rates. But before we proceed to unveil the list, we have some more information for you about what inflation is all about.


What is inflation?

According to Investopedia, inflation occurs when there is a significant decline in the purchasing power of a currency. It can be measured by the rate at which the prices of goods and services rose within a particular period. A sharp increase in the cost of raw materials is often one of the primary causes of inflation. A surge in demand for goods and services can also trigger an upsurge in prices, thus leading to high inflation.

Common trend among countries with high inflation rates

One trend that is common among African countries with high inflation rates is that they are mostly import-dependent. When a country imports more than it exports, it inevitably becomes susceptible to various economic challenges, including weak exchange rates and high inflation rate which, in turn, makes everything expensive.


Africa's most expensive countries due to high inflation

Whereas inflation is a general problem across the continent, some countries have it worse. And living in these countries can be quite expensive as you can see in the list below.

Do note that we used data derived from very reliable sources, including Statista, Reuters, Trading Economics, the statistics agencies of different African countries, etc. Also note that inflation rates are not constant. So, if you are reading this at a later date, chances are the rates might have changed.

African countries with the highest inflation rates in 2022

Sudan: According to Reuters, Sudan's Central Bureau of Statistics reported the country's inflation at 258.40% in February 2022. This makes Sudan the country with the highest inflation rate in Africa. It should however be noted that Sudan's inflation rate is expected to reduce to 41.8% before end of 2022, according to projections by Statista.

Zimbabwe: According to the Zimbabwe National Statistics Agency (ZimStat), this Southern African country's inflation rate stood at 66.1% as of February 2022. This makes Zimbabwe the African country with the second highest inflation rate.

Ethiopia: Ethiopia's inflation rate rose to 34.7% in March 2022, up from 33.6% in February this year. This is according to statistics obtained from various sources, including Trading Economics and the US Department for Agriculture.

Angola: According to statistics obtained from Angola's Instituto Nacional de Estatística, inflation rate in the country increased by 1.565 to 28.56% in March, up from 27.28% in February. Statista has projected that inflation in the country would decrease further to 14.9% this year.

Zambia: According to Zambia's Central Statistical Office, the inflation rate in this Southern African increased to 16.1% in March, up from 15.30 in February.

Ghana: According to Ghana Statistical Service, Ghana's inflation rate accelerated to 19.4% in March of 2022, up from 15.7% in February.

Sierra Leone: Information obtained Statistics Sierra Leone show that this West African country's inflation rate accelerated to 17.94% in March of 2022, up from 15.77% in February.

Nigeria: Nigeria's inflation rate jumped to 15.92% in March 2022, up from 15.70% in February. This is according to information made available by the country's National Bureau of Statistics (NBS). The projection, according to Statista, is that Nigeria's inflation would eventually reduce to 13.3% before the year runs out.


https://africa.businessinsider.com/local/markets/african-countries-with-the-highest-inflation-rates-in-2022/brenryj

Inflation dey 'epp' GDP na.....Abi?

[img]https:///media/4-02-2022/WHvSd9.gif[/img]

...Africa no go carry lass last!

Interesting!

I knew Ghana just had to be there.

I'm not also surprised about Ethiopia as the raging Civil War would have negative pact on the economy and strain the budget.

Zimbabwe just had to be there.

Drugnibu " Buhari will handle security while Osibanjo will handle the economy, all you have to do is remove GEJ"- 2015.

He is trying to completely finish off the country but his plans will never work.

Parachoko:
Business Insider


Nigeria: Nigeria's inflation rate jumped to 15.92% in March 2022, up from 15.70% in February. This is according to information made available by the country's National Bureau of Statistics (NBS). The projection, according to Statista, is that Nigeria's inflation would eventually reduce to 13.3% before the year runs out.


https://africa.businessinsider.com/local/markets/african-countries-with-the-highest-inflation-rates-in-2022/brenryj

@ the bolded, I hope it will fall below 13%.

grandstar:
I knew Ghana just had to be there.

I'm not also surprised about Ethiopia as the raging Civil War would have negative pact on the economy and strain the budget.

Zimbabwe just had to be there.

I'm surprise Ghana is there, I thought they are doing fine.

Even cedis just dey fall yakata against the dollar.

Nigerians “celebrating” Ghana’s current inflation don’t know what they are saying. Petrol is sold at about 800 naira per liter in Ghana, compared with 140 naira in Nigeria. Can you imagine what the level of inflation will be like in a Nigeria when fuel is sold for 800 naira?

In my opinion, Ghana’s current inflation will soon drop. The World Bank is projecting inflation in Ghaba will drop to around 12 percent by December. Can you guys say the same thing for inflation in Nigeria by December?

See you mouth like yakata. Africans are always celebrating bad news in other African countries

Parachoko:
I'm surprise Ghana is there, I thought they are doing fine.

Even cedis just dey fall yakata against the dollar.

PetroDolla2020:
See you mouth like yakata. Africans are always celebrating bad news in other African countries

No hard feelings man

I'm not celebrating the high inflation rate in Ghana

PetroDolla2020:
Nigerians “celebrating” Ghana’s current inflation don’t know what they are saying. Petrol is sold at about 800 naira per liter in Ghana, compared with 140 naira in Nigeria. Can you imagine what the level of inflation will be like in a Nigeria when fuel is sold for 800 naira?

In my opinion, Ghana’s current inflation will soon drop. The World Bank is projecting inflation in Ghaba will drop to around 12 percent by December. Can you guys say the same thing for inflation in Nigeria by December?

Where is your evidence for the bolded? Nigeria inflation rate will fall too.

They should have given Nigeria the first spot.

Keep on deceiving yourself

wait for petrol price to reach 800 naira per liter and let’s see what the inflation figures will be like in Nigeria. Even your electricity bills are subsidized in Nigeria. In Ghana, electricity tariffs are not subsidized. I believe a lot more things are subsidized in Nigeria.

Given the poor state of the Nigerian economy, those subsidies will soon go. That is when you guys will be laughing on the wrong sides of your mouths

Parachoko:
Where is your evidence for the bolded? Nigeria inflation rate will fall too.