15 Countries in Africa With Highest Food Inflation in 2022
- Many African countries are reeling from inflation which has been worsened by the ongoing war in Ukraine
- Food inflation is the driving force of inflation across the globe as many countries, especially in Africa, battle a food crisis
- Countries like Nigeria have seen a spike in food inflation which has eroded household incomes across all strata
According to a report by Business Insider, the surging cost across the world, including in Nigeria and other countries in Africa, is a trend driving the high cost of living.
Food inflation is worsened by the ongoing war in Ukraine, which has cut off exports of major commodities like Wheat and other crucial cereals.
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Food is the arrowhead of inflationary pressure
Food inflation is considered the arrowhead of inflation across the globe, causing the most erosion of household incomes. It is a major indicator of the decline in people’s purchasing power. It is the rise in the cost of food items over some time.
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Deloitte explained that the war in Ukraine had driven food inflation very high globally, with many countries at the edge of a food crisis.
Many African countries, especially Sudan and others in the Horn of Africa, are fighting drought and conflicts that have also inflicted serious damage to their income and pushed many into starvation.
The International Monetary Fund (IMF), in a report in July, said that trends across the African continent has seen an escalation food inflation and cautioned that food prices are driving up inflation.
The countries with the highest food inflation are listed below.
- Zimbabwe: 309 per cent
- Ethiopia: 35.5 per cent
- Rwanda: 32.7 per cent
- Ghana: 32.3 per cent
- Malawi: 31.2 per cent
- Burkina Faso: 28.9 per cent
- Djibouti: 25.7 per cent
- Angola: 25.1 per cent
- Burundi: 24.4 per cent
- Sierra Leone: 23 per cent
- Egypt: 22.4 per cent
- Nigeria: 22.02 per cent
- Mozambique: 17.24 per cent
- Senegal: 17.2 per cent
- Somalia: 16.86 per cent
The list of Africa's low-Income countries revealed, according to World Bank
Legit.ng reported that the World Bank ranks all countries in the world into different development categories, which are based on certain measurements.
There are four categories: High-income and low-income countries, upper-middle-income countries, lower-middle-income countries and low-income countries, according to Business Insider.
The high-income countries have a Gross Nation Income (GNI) per capita of at least $12,696, while the upper-middle-income countries have a GNI per capita of $4.096. On the other hand, the GNI per capita in lower-middle-income countries stands at between $1,046 and $4,095, while low-income countries have a GNI per capita of $1,045 or less.
Source: Legit.ng
