Inflation rates have been a persistent challenge for many African countries, adding an extra layer of complexity to their status as developing nations. Dealing with this issue presents a formidable obstacle, impacting various facets of their economies.
However, amid this broader trend, some African countries have managed to buck the trend. Inflation, a key economic metric, holds significant sway over all sectors of society. Across Africa, the recent surge in inflation has tested the stability and progress of the continent’s economies.
This issue was further exacerbated by the onset of the COVID-19 pandemic, which brought economic activities to a grinding halt worldwide.
While analysis from economists and financial institutions, indicates that the world is set to undergo an economic resurgence, it hardly takes away the fact that some African countries would struggle to immediately fix the damage brought about by years of enduring growing inflation.
On the other hand, several African governments have effectively managed their inflation rates, while most struggled. They utilized several initiatives to stop inflation from becoming insurmountable for their people.
The top ten of these countries are listed below. The list below is courtesy of a report by the World Bank titled “Addressing Inequality to Revitalize Growth and Alleviate Poverty in Africa.
With that said, here are the 10 African countries with the lowest inflation rate in 2024.
- Benin
- Seychelles
- Mali
- Burkina Faso
- Uganda
- Tanzania
- Senegal
- Rwanda
- Guinea-Bissau
- Equatorial Guinea
