Africa’s wealthiest nations have not been immune to inflation’s bite. Countries like South Africa, Egypt, Nigeria and Kenya—the continent’s largest economies—continue to wrestle with rising costs of living.
- Business Insider Africa presents the top 10 largest economies in Africa and their inflation rates.
- Countries like South Africa, Egypt, Nigeria and Kenya—the continent’s largest economies—continue to wrestle with rising costs of living.
- Surging food and fuel prices, depreciating currencies, and global economic uncertainty have amplified inflationary trends.
Inflation, the steady rise in prices that erodes purchasing power, has become a global economic headache. From developed economies to emerging markets, no region has been spared its impact in recent years.
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The aftershocks of the COVID-19 pandemic, geopolitical conflicts like the Russia-Ukraine war, and persistent supply chain disruptions have fueled inflationary pressures worldwide.
Countries such as the United States and the Eurozone have grappled with inflation rates unseen in decades, prompting central banks to tighten monetary policies aggressively.
While global inflation trends vary, emerging markets, particularly in Africa, face unique challenges. African economies are disproportionately affected by inflation due to their reliance on imports, volatile currencies, and vulnerability to external shocks.
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Africa’s wealthiest nations have not been immune to inflation’s bite. Countries like South Africa, Egypt, Nigeria and Kenya—the continent’s largest economies—continue to wrestle with rising costs of living.
Surging food and fuel prices, depreciating currencies, and global economic uncertainty have amplified inflationary trends, significantly impacting businesses and households alike.
However, despite these challenges, some African nations have managed to steady the tide of rising inflation from 2023 to 2024. Angola and Nigeria, both oil-producing countries, stand out as exceptions.
Below are the top 10 largest economies in Africa and their inflation rates:
| Rank | Country | Inflation 2023 | Inflation 2024 |
|---|---|---|---|
| 1 | South Africa | 5.5% | 2.8% |
| 2 | Egypt | 34.6% | 25.5% |
| 3 | Algeria | 8.20% | 5.52% |
| 4 | Nigeria | 28.2% | 34.6% |
| 5 | Ethiopia | 28.30% | 16.9% |
| 6 | Morocco | 4.30% | 0.7% |
| 7 | Kenya | 6.80% | 2.8% |
| 8 | Angola | 18.19% | 28.41% |
| 9 | Tanzania | 3.2% | 3% |
| 10 | Ghana | 26.40% | 23% |
