In many African countries rising Consumer price Index (CPI) has had a direct influence on living costs, raising the cost of basic needs such as food, transportation, and housing. As a result, residents, already financially vulnerable, find it increasingly difficult to afford the basic necessities.
Rising Consumer Price Index (CPI) rates in 2024 are posing new challenges for several African economies, showing high levels of inflation throughout the continent.
Everyday livelihood becomes more costly due to the high CPI in a number of said countries, placing pressure on governments, businesses, and consumers.
According to the World Bank’s latest Africa Pulse report for 2024, released in October, Sub-Saharan Africa’s food inflation rate reached 5.4 percent by June 2024, surpassing the Consumer Price Index Is 4.1 percent reading for the same month.
However, given that this year’s average interquartile range is 14 percentage points, the variation in inflation rates among nations is still rather large.
Even if they have decreased since their late 2022 peak, food costs in the area are still higher now than they were before COVID-19.
The great majority of the region’s economies saw two-digit food inflation in 2023.
The Consumer Price Index (CPI) is a metric that looks at how prices for a variety of products and services have changed on average over time.
It is a key metric of inflation that shows the amount that prices have changed over a specific time period.
In order to guide choices about interest rates, salaries, and adjustments to social benefits, the CPI is frequently used to evaluate price fluctuations associated with the cost of living.
With that said, here are the African countries with the highest CPI mid way into the year
Top 10 African countries with the highest change in consumer goods and services mid-2024
| Rank | Country | Consumer price index |
|---|---|---|
|
1. |
Sudan |
180.2% |
|
2. |
South Sudan |
35.0% |
|
3. |
Malawi |
33.6% |
|
4. |
Nigeria |
31.7% |
|
5. |
Sierra Leone |
30.5% |
|
6. |
Angola |
27.4% |
|
7. |
Ethiopia |
27.0% |
|
8. |
Ghana |
23.2% |
|
9. |
Burundi |
22.8% |
|
10. |
Democratic Republic of Congo |
17.2% |
