With 57.50% inflation, Zimbabwe’s economy is experiencing an extreme price surge, making it the most inflation-affected country in Africa.
At 34.80%, Nigeria is battling one of its worst inflation crises in decades, severely impacting food prices, transportation, and living costs.
The fact that seven out of ten countries on this list have inflation rates that double or even quadruple the African average shows the depth of the inflation crisis.
While their inflation rates (between 16% and 24%), as seen in Ghana, Ethiopia, Zambia, and the Congo, are lower than the top three, they still exceed the sustainable threshold for economic stability.
Some organisations project that Nigeria's 2025 inflation rate will be lower than 2024's 33.2%.
Projections for 2025 range from the AfDB's optimistic 20.7% to Meristem's bearish 33.99%, reflecting variations in the expected average annual inflation rate.
International organisations have more optimistic projections on Nigeria's average inflation rate in 2025 compared to local organisations.
Inflation levels across Africa's largest economies range from low and stable in Morocco to high and concerning in Nigeria. Egypt and Nigeria have seen inflation rise to record levels, driven partly by currency devaluations in both countries.
Nigeria has not only fallen from its top spot as the continent's largest economy, but it now holds the spot for the highest inflation rate amongst the top ten economies by GDP.
Argentina's inflation rate dropped to 209% in September 2024 from 237% in August, slightly easing costs. Despite this, the South American country still has the highest inflation rate of the 184 countries and territories ranked.
Nigeria's inflation rate stands at 32.7%, ranking 9th globally and 4th in Africa after South Sudan, Zimbabwe, and Malawi.
Food prices have continued to increase as Nigeria's headline inflation hit 34.19% in June 2024, one of the highest globally.
NBS's monthly survey for the average prices of selected food items in Nigeria as of June 2024 shows that tomatoes have gone up by 321%, yam by 296%, and staples — beans, rice, and plantain — have also seen significant increases. These are the top ten food items most hit by inflation in Nigeria in the past twelve months.
Rising fuel costs are impacting transportation prices of goods and services, straining household budgets and contributing to inflation. The average cost of petrol in Nigeria has increased by 25% since July 2023. Diesel prices have seen an even sharper increase of 85%, rising from a national average of ₦794 in July 2023 to ₦1,462 in June 2024.
The cost of cooking gas nationwide increased from an average of ₦10.3k in March 2023 to nearly ₦16k in March 2024.
However, the northern regions had the most affordable prices. The North East had the lowest average price of ₦14.9k for a 12.5kg cylinder.
In Katsina, the average price for 12.5kg of cooking gas was ₦12,400 as of March 2024, the lowest in the country.
Inflation rate in Nigeria increased to 31.7% in February 2024. Nigeria has the 13th highest inflation rate out of 186 countries and territories as of February 2024.
The data showcases Argentina leading with 276%, followed by Lebanon and Syria. Seven of the top fifteen are African.
In October 2021, the average price of 12.5kg cooking gas in Nigeria increased by 62.76% in October 2021 compared to October 2020. Between August 2021 and October 2021, the price increased by 47%.
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