“Zimbabwe 101 Per Cent”: African Countries With Highest Inflation in 2023, Nigeria Makes List
- Some African countries are battling high inflation, with Zimbabwe recording the highest on the continent
- Nigeria’s recently announced inflation figures show that it is among African countries with rising inflation
- Nigeria’s inflation is driven by high energy costs and food prices, which witnessed an 18-year high
The National Bureau of Statistics(NBS) has revealed that Nigeria’s annual inflation rate rose for the seventh month, nearing an 18-year high of 24.08% in July 2023.
The bureau stated this in its latest Tuesday, August 15, 2023 inflation report.
Source: Getty Images
Nigeria records highest inflation in 18 years
Legit.ng reported that the NBS also stated that inflation rose to 24.08% in July 2023 from 22.79% the previous month. The development comes as the food inflation rate rushed to 26.98% in July from 25.25% last month.
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However, Nigeria is not alone among countries in Africa battling high inflation.
Analysts have revealed that one of the key drivers for inflation among African countries is energy and high food prices.
Nigeria’s inflation is driven primarily by food inflation, threatening the fabric of the country’s existence.
The recent removal of subsidies from petrol by President Bola Tinubu exacerbates the problem.
Food and petrol drive inflation in Nigeria
The move caused a spike in transport costs as farmers say they spend more to transport their produce to the markets.
Analysts have asked the Nigerian government to invest in food subsidies to cushion the effect of petrol subsidy removal.
Nigeria’s headline inflation hit 24.08% for June 2023 in the recently released data by the National Bureau of Statistics (NBS).
The NBS report said that the increase represents 1.29% points from the June 2o23 inflation report.
Per the report, the inflation for July 2023 is due to increased contributions of some items in the basket of goods and services at the regional levels.
Items hardest hit by inflation:
- Food & Non-Alcoholic Beverages - 12.47%
- Housing, Water, Electricity, Gas & Other Fuel -4.03%
- Clothing & Footwear-1.84%
- Transport- 1.57%
- Furnishings & Household Equipment & Maintenance -1.21%
- Education - 0.95%
- Health - 0.72%
- Restaurants & Hotels -0.29%
- Alcoholic Beverages, Tobacco & Kola - 0.26%
- Recreation & Culture - 0.17%
- and Communication -0.16%
- Food inflation rose to 26.98%
According to the report, the food sub-index spiked by 26.98% yearly, representing 4.97% points higher than the rate recorded in June last year at 22.02%.
Daily Trust reports that an increase in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers caused the increase in the food index yearly.
Here are the top 10 African countries with the highest inflation
- Zimbabwe - 101%
- Sierra Leone - 44.81%
- Ghana - 43.1%
- Egypt - 36.5%
- Ethiopia - 28.8%
- Malawi - 27%
- Nigeria - 24.08%
- Gambia - 17.81%
- Rwanda - 17.3%
- Angola - 12.12%
Kogi, Lagos, Bayelsa top List of atates not buy food from as inflation hits 24.8 per cent
Earlier, Legit.ng reported that Nigeria’s headline inflation hit 24.08% for June 2023 in the recently released data by the National Bureau of Statistics (NBS).
The NBS report said the increase represents 1.29% points from the June 2023 inflation report.
Per the report, the inflation for July 2023 is due to increased contributions of some items in the basket of goods and services at the regional levels.
Source: Legit.ng
