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10 African countries with the lowest inflation rates in 2024

Growing rates of inflation have presented serious issues for African countries over the years. Despite being considered developing nations, several of the countries on the continent still have to contend with this issue, constituting a double-layered problem. This leads to complications that may be challenging to resolve. Fortunately, not all African countries have to deal with this problem.

10 African countries with the lowest inflation rates in 2024 [Getty Images]
  • Business Insider Africa presents the 10 African countries with the lowest inflation rate in 2024.
  • This list is courtesy of a report by the World Bank.
  • The West African country of Benin ranks number 1 on this list.

One important economic indicator that affects every aspect of society is inflation. The recent spike in inflation across Africa has posed challenges to the stability and advancement of the continent's economy.

This problem became very prevalent during the COVID-19 pandemic which drastically halted economic activities across the globe.

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While analysis from economists and financial institutions, indicates that the world is set to undergo an economic resurgence, it hardly takes away the fact that some African countries would struggle to immediately fix the damage brought about by years of enduring growing inflation.

On the other hand, several African governments have effectively managed their inflation rates, while most struggled. They utilized several initiatives to stop inflation from becoming insurmountable for their people.

The top ten of these countries are listed below. The list below is courtesy of a report by the World Bank titled “Addressing Inequality to Revitalize Growth and Alleviate Poverty in Africa,

With that said, here are the 10 African countries with the lowest inflation rate in 2024.

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  1. Benin
  2. Seychelles
  3. Mali
  4. Burkina Faso
  5. Uganda
  6. Tanzania
  7. Senegal
  8. Rwanda
  9. Guinea-Bissau
  10. Equatorial Guinea

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