In recent years, inflation figures have surged in countries around the world largely due to unprecedented economic problems.
The situation in Africa is not different and has even become more worrisome, posing challenges to governments, businesses, and citizens.
Last month, Business Insider Africa listed the top 10 African countries with the highest inflation rate mid-way into 2023.
When dissecting the root causes of high inflation figures on the continent, one predominant factor frequently linked to this issue is food inflation. Food prices have gone through the roof, making it increasingly challenging for many individuals to afford this essential life commodity.
According to the IMF, staple food prices in Africa surged by an average of 23.9 per cent in 2020-22 – the most since the 2008 global financial crisis. Sadly, this price surge is due to domestic supply disruptions, local currency depreciations, and higher fertiliser and input costs.
The Russian-Ukraine war, for instance, has led to a severe global food crisis due to complex supply disruptions and price increases of agricultural inputs, and countries in Africa have particularly been affected because of their high dependence on food imports from the region.
Also, a significant number of African currencies are experiencing rapid depreciation. When currencies weaken against the US dollar, it leads to local price hikes, particularly concerning essential items like food, largely imported from Africa.
This has devastating implications for many Africans, where food items occupy the largest share in many household consumption baskets.
Per Trading Economics, a platform that provides more than 20 million economic indicators, exchange rates, stock market indexes, government bond yields and commodity prices from official sources, here are the 10 African countries with the highest food inflation rate.
| Rank | Country | Inflation rate | Month |
|---|---|---|---|
| 1 | Zimbabwe | 70.8% | August |
| 2 | Egypt | 68.4% | July |
| 3 | Sierra-Leone | 59.93% | July |
| 4 | Ghana | 51.9% | August |
| 5 | Burundi | 39.3% | August |
| 6 | Malawi | 39.4% | August |
| 7 | Rwanda | 30.8% | August |
| 8 | Nigeria | 29.34% | August |
| 9 | Ethiopia | 27.3% | July |
| 10 | Gambia | 24.29% | July |
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