Inflation in key African economies will slow into next year but remain stubbornly high in Nigeria due to sporadic flooding and difficult terrain for the naira currency, a Reuters poll found.<\/p>\n
The acute shortage of dollars in much of the continent including Angola, Nigeria and Zambia has often put home inflation under significant strain due to a reliance on single commodity currency inflows such as crude oil and copper.<\/p>\n
Still, the poll of 15 analysts taken in the past week showed inflation would moderate more in countries with better diversified sources of dollar revenues such as Kenya.<\/p>\n
Inflation in Nigeria is expected to quicken to 29.1% this year from an average of 24.5% last year, before it slows to 17.2% next year. It hit a 28-year high of 33.2% in annual terms\u00a0last month.<\/p>\n
Nigeria central bank governor Olayemi Cardoso raised the monetary\u00a0policy rate\u00a0by 200 basis points to 24.75% last month after a 400 basis point hike in February.<\/p>\n
Even with a more coherent monetary policy now in place, and potential naira stability, Nigerian inflation will only fall slowly this year, Citi wrote in a note to clients.<\/p>\n
The high inflation rate reflects ongoing elevated food price inflation which accounts for around 50% of the CPI basket and is only marginally impacted by monetary policy, Citi added.<\/p>\n
High food price inflation is a result of flooding seen in many parts of the country in recent years, the rising cost of fertilizer and continuing insecurity in many food-producing regions.<\/p>\n
Ghana inflation averaged 40.3% last year, but is expected to slow markedly to 18.7% this year and then to 12.1% in 2025.<\/p>\n
Angolan inflation is forecast to slow to last year’s average of 13.6% next year from 23.7% this year, while in Zambia it was seen slowing to 8.0% in 2025 from 12.3% this year.<\/p>\n
Inflation in Kenya will remain one of the most-tamed in the region apart from South Africa, slowing to an average of 5.6% next year compared with 6.3% this year, the poll found.<\/p>\n
Standard Chartered said it lowered its inflation forecasts last week to allow for recent Kenyan shilling appreciation and improved food prices.<\/p>\n
A separate poll earlier this month predicted inflation in\u00a0South Africa\u00a0would slow to 4.6% next year from 5.1% this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Inflation in key African economies will slow into next year but remain stubbornly high in Nigeria due to sporadic flooding and difficult terrain for the naira currency, a Reuters poll found. The acute shortage of dollars in much of the continent including Angola, Nigeria and Zambia has often put home inflation under significant strain due […]<\/p>\n","protected":false},"author":1,"featured_media":11494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":12,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"Reuters","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[1,29,2362,30,27],"tags":[2401,275,111,175,1445,122,394],"class_list":["post-11605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis-reports","category-east-africa","category-featured","category-southern-africa","category-west-africa","tag-african-economies","tag-angola","tag-kenya","tag-nigeria","tag-olayemi-cardoso","tag-south-africa","tag-zambia"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/11605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=11605"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/11605\/revisions"}],"predecessor-version":[{"id":19578,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/11605\/revisions\/19578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/11494"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=11605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=11605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=11605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}