Inflation has emerged as a global challenge, impacting both developed and emerging economies. Fueled by COVID-19 aftershocks, geopolitical tensions, and supply chain disruptions, inflation has surged, with African economies facing unique struggles due to import reliance and currency volatility. Major economies like South Africa, Egypt, Nigeria, and Kenya are grappling with rising food and fuel costs, depreciating currencies, and economic uncertainty, straining businesses and households. Yet, resilience shines through as countries like Angola and Nigeria leverage oil production to curb inflationary pressures. These efforts highlight Africa’s potential to navigate global economic headwinds and foster stability amid challenges.
Source: Business Insider Africa