What is Inflation Rate in South Africa? In 2022, the countries with the lowest inflation rates will be Finland, Norway, and Sweden, according to a recent study by the Organisation for Economic Co-operation and Development (OECD). 260%. To calculate cumulative rates between two different periods, you can use the South Africa Inflation Calculator. Ghana's inflation rate rose to 40.4% in October 2022 with the cost of goods and services surging higher amid an economic crisis. The price of eggs rose by 38% between July 2021 and July 2022 . Non-food inflation stood at 29.1% from 25.7% recorded in May 2022. Last year, Sudan topped the list of countries in the world with the worst inflation rate at 382.8% based on a 12-month moving average. The new rate reflects an increase from 37.2% registered in September, marking a new 21-year high. 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In two months, it increased again to the verge of hitting 200%. On a month-on-month basis, the inflation rate increased to 1.82% in June 2022, this is 0.03% higher than the rate recorded in May 2022 (1.78%). The surge in inflation rate is following the rally in crude oil prices, amidst the face-off between Russia and Ukraine. Zimbabwes inflation rate surged to 191% in the month of June 2022 from 132% recorded in the previous month, further eroding the purchasing power of the citizens. Rwanda was next with 13.07. The following countries are the ones with the lowest inflation rates among countries that reported updated numbers in May 2022, according to tradingeconomics .com: 1- Hong Kong 1.2% 2-. This was a drop compared to 2021, when a rate of 12 percent was reached. PAY ATTENTION: Donate to Legit Charity on Patreon. You are already subscribed to our newsletter! Asian markets tepid with eyes on China, US midterms. Other data: Food inflation for the month under review rose 43.7% year on year compared to 37.8% the month before. Cookies can be used to collect and store user data while connected to provide you the requested services and sometimes tend not to keep. #1. 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Fuel continues to be a major contributor: to the rising inflation rate. Rising energy and fuel prices are expected to be key sources of inflationary pressure in the year ahead. Nigeria's inflation rate accelerated to 17.71% in May 2022, up from 16.82% in April. Food price inflation rose by 1.16% between the months, from 21.79% in February to 22.95% in March. Zimbabwe: 191 per cent (June 2022) Ghana: 29.8 per cent (June 2022) Nigeria: 18.6 per cent (June 2022) Rwanda: 16.1 per cent (June 2022) Egypt. A lot of Nigerians also live in Ghana and once referenced the economy has a model for Nigerians to follow. Since the start of the Russia-Ukraine conflict, Zimbabwes inflation rate shot up from 66% to more than 130% in May. At the beginning of 2022, Sudan's inflation rate was 340.0 percent, making it the second-highest. In two months, it increased again to the verge of hitting 200%. According to the Managing Director of the Kenya National Bureau of Statistics (KNBS), Macdonald Obudho, the rise in inflation was mainly due to increase in prices of commodities under food and non-alcoholic beverages, furnishings, household equipment and routine household maintenance, transport, and housing, water, electricity, gas, and other fuels. It will offer the rate of inflation over the 12 months ended September 2022. All of this is to improve our services. 5. The CPI is a measure that examines the weighted average prices of primary needs - such as transportation, food, and medical care - at the consumer/retail level. The last time the inflation rate in Nigeria touched the 18.6% ceiling was January 2017, when it stood at 18.72%. The S&P Global Purchasing Managers' Index (PMI) rose to 49.5 in October, up from the prior month's 49.2. Sierra Leone Information obtained Statistics Sierra Leone show that this West African country's inflation rate accelerated to 17.94% in March of 2022, up from 15.77% in February. Nigerias inflation rate surged to a 65-month high of 18.6% in June 2022 from 17.71% recorded in the previous month, representing the fifth consecutive monthly rise in the rate of inflation. Sudans inflation rate has decreased to 220.7% in April 2022 from 263.2% recorded in the month of March 2022. Annual inflation rate in Botswana increased to 12.7% in June of 2022, the highest since January of 2009, and compared to 11.9% in May, pushed up by elevated global energy prices. The rate surged past the central banks target range for the first time in more than 5 years. The monthly inflation rate for the month of June 2022 in Egypt slowed slightly to 13.2%, representing its first decrease in seven months. Hyperinflation strikes Lebanon Again Africa's inflation set to rise in 2022 Increases in consumer prices vary widely among countries in Africa. Be the first to get hottest news from our Editor-in-Chief, Check your email and confirm your subscription. Last year, Sudan topped the list of countries in the world with the worst inflation rate at 382.8% based on a 12-month moving average. The figure exceeded the median expectation of 39.5%. It is worth noting that the current inflationary pressure experienced by African economies, with Nigeria inclusive is a global phenomenon and is not peculiar to some countries. The rate surged past the central banks target range for the first time in more than 5 years. Central banks from each country must take decisive steps to suppress inflation until it becomes clear that inflation rate is moving within a specific range.. The World Bank said inflation in the West African country could worsen in the coming months, due to. Ghana's inflation rate for the month of June 2022 accelerated to 29.8%, up from 27.6% recorded in the previous month and the highest in 19 years. The country was pushed into hyperinflation last year and the minimum wage in the nation is equivalent to $30 per month. Sudan: According to Reuters, Sudan's Central Bureau of Statistics reported the country's inflation at 258.40% in February 2022. rising by just 9.5%. South Africa inflation rate for 2021 was 4.61%, a 1.4% increase from 2020. However, as recently as September 2022, some African countries have recorded interest rates as high as 17%, 19%, and even 22%. South African inflation is pretty much middle of the road at 5.9%. 10.45 10.45 10.45 10.45 The report also stated that non-food inflation jumped from 36.8% in the previous month to 37.8% in October, as consumer prices rose by 2.7%. Inflation rate in Ghana for the month of September was 37.2% suggesting the country's economy battered by currency depreciation and fiscal challenges is not going away any time soon.</p><p>On . (ii) Annual average inflation: is the . It was the highest inflation rate since March of 2009, with prices of food & non-alcoholic beverages surging 26.1%, the most since February 2020, amid soaring commodities. Kenyas inflation rate surged to a 58-month high in June 2022 on soaring prices of food items, breaching the governments upper limit target for the first time since August 2017 (7.5%). The inflation rate in Ghana for the month of September was 37.2% suggesting the country's economy battered by currency depreciation and . Jessica Brice. A cursory review of the data also reveals Ghanaians are experiencing higher inflation rates for housing, water, electricity, gas, and other fuels. The rising cost of energy around the world has translated to a significant uptrend being witnessed in most economies as prices of goods and services have reached unprecedented levels. Check your inbox to be the first to know the hottest news. Nigeria's inflation rate drops to 15.6% in January 2022, from 15.63% in December 2021 Nigeria's consumer prices dropped to 15.6% in January 2022 according to the West African country's. South Africa inflation rate for 2020 was 3.21%, a 0.91% decline from 2019. Get the latest insights, stories and trends straight to your inbox. If you continue to use this site, you consent to our use of cookies. Headline inflation is projected at 4.8% in 2022 and 4.4% in 2023, according to National Treasury. Data published Monthly by Statistics. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. Inflation figures 2022 This page shows the inflation figures for 2022 for a large number of countries so that you can easily compare them with one another. Non-food inflation rose to 29.1% from 25.7% in May 2022. This is also the highest reading since January 2017 when the rate was 6.6%. Despite the decline, inflation rate remains on the high compared to the previous year. This implies that the month-on-month inflation between M ay and June 2022 was 3%. While significant disparities exist across nations, the region's median inflation rate surged to about 9 per cent in August. The inflation rate eased to 1.7% in August 2019. The last time the rate was above October's level was in July 2001 at 40.51% and it goes way above the country's central bank's target band of 6-10%. And the ever-increasing interest rates are affecting other countries . Nigeria's annual inflation rate increased from 15.6 percent in February to 15.7 percent in March 2022. The rate of increase in food prices came to 22.95%, higher than the average inflation of all goods of 18.17%. Required fields are marked *. The biggest upward pressure came from prices of transport, food and non-alcoholic beverages, housing and utilities, and miscellaneous goods and services. PAY ATTENTION: Join Legit.ng Telegram channel! This suggests it is cheaper to buy locally-made Ghanaian products. Below are inflation rates by country in 2022. However, this is yet to yield any positives as inflation rate continues to remain stubbornly on the high. rising by just 9.5%. Wothappen reports that the world is currently battling with high inflation rate and Africa is not exempted from this experience, with countries on the continent printing record high inflation rate in 2022.
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