According to the International Monetary Fund, “Consumer price indexes (CPIs) are index numbers that measure changes in the prices of goods and services purchased or otherwise acquired by households, which households use directly, or indirectly, to satisfy their own needs and wants.”
As a result, the most immediate and tangible effect of high consumer prices is the strain it puts on individuals and households.
As the cost of products and services grows, customers’ purchasing power decreases, resulting in lower standards of life.
Essentials like food, shelter, and healthcare become increasingly pricey, forcing families to make tough decisions and potentially driving vulnerable people further into poverty.
Below are 10 African countries with the highest consumer prices projection for 2024.
| Rank | Country | Consumer price index projection 2024 |
|---|---|---|
|
1. |
Zimbabwe |
561.0 |
|
2. |
Sudan |
145.5 |
|
3. |
South Sudan |
54.8 |
|
4. |
Sierra Leone |
39.1 |
|
5. |
Egypt |
32.5 |
|
6. |
Malawi |
27.9 |
|
7. |
Nigeria |
26.3 |
|
8. |
Ethiopia |
25.6 |
|
9. |
Ghana |
22.3 |
|
10. |
Angola |
22.0 |
