Top 10 African countries where clothing is least affordable

One important economic indicator that monitors shifts in the price of goods and services over time is the Consumer Price Index (CPI). Because so many people in many African countries live on low incomes, they are disproportionately impacted by increases in the CPI.

• Business Insider Africa presents the top 10 African countries where clothing is very affordable.
• This list is courtesy of data from the International Monetary Fund.,
• Benin ranks number 1 on the list.

Some of the most common components of CPI are housing, clothes, and food. While food is the most essential component, clothing, for some, is almost as important.

Families that already find it difficult to satisfy their basic needs may face further financial hardship if the cost of clothing and footwear increases due to a high CPI.

In contrast, a low CPI guarantees that even the lowest earners in any given region can afford excellent clothing and footwear without foregoing other essentials like food, healthcare, and education.

When clothes and footwear are fairly priced, people have more freely allocated funds to spend.

A low CPI helps close the disparity gap that exists between classes by enabling a larger portion of the population to afford fresh, comfortable, and long-lasting apparel. This lessens the differences in living levels and promotes social integration.

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Additionally, businesses may become more competitive as a result of a low CPI for apparel and footwear, which may encourage producers and retailers to develop new products and raise the caliber of their offerings while maintaining competitive pricing.

The textile and footwear sectors benefit from increased production efficiency, improved supply chain management, and the use of contemporary technology, thanks to this competitive climate.

In general, affordable apparel can promote a thriving fashion retail market where both local and international brands can reach a larger customer base.

With that said, here are the 10 African countries with the lowest clothing inflation, according to the International Monetary Fund.