With 120% and 118% inflation rates, respectively, the two top nations are experiencing economic meltdowns, making essentials like food and housing almost unattainable.
With 57.5% inflation, Zimbabwe continues its battle against economic instability, making it the 4th highest in the world and the worst in Africa.
The fact that several countries exceed the global average of 7.27% by 4x to 16x highlights the severe economic strain facing multiple regions.
Countries with inflation above 30% risk prolonged economic instability as businesses struggle to survive and citizens face rising poverty levels.
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.
The average price of cooking gas in Nigeria has increased significantly, from ₦370 per kg in early 2016 to ₦1,390 per kg in June 2024.
After prices peaked at nearly ₦1,500 in May 2024, they fell by 6.1% in June.
The contributing factors to the increase include global energy fluctuations, naira depreciation, supply chain disruptions, and changes in domestic policies.
Here are the average prices of cooking gas in Nigeria since 2016.
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.
