Central banks across sub-Saharan Africa will likely have to remain focused on reining in price growth in the coming months, with economists raising their inflation forecasts in many of the region’s key economies. Moneyweb AfricaNews
Central banks across sub-Saharan Africa will likely have to remain focused on reining in price growth in the coming months, with economists raising their inflation forecasts in many of the region’s key economies. Countries including Ghana, Nigeria, South Africa and Kenya will see higher inflation than previously forecast this year, according to a Bloomberg News survey. Angola was the only nation whose forecast was lowered.
“We expect headline rates in key economies such as South Africa and Nigeria to climb higher over the coming months and policymakers are likely to remain focused on curbing inflation in the near-term as providing support to struggling recoveries takes a back seat.” The inflation rate in Nigeria, Africa’s largest economy, jumped to a near 17-year high in July as the costs of bread, cereal, gas and transport soared.
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