Egypt and Ethiopia among six countries invited to join BRICS
This is the bloc’s first expansion in 13 years.
Ethiopia
Sub-Saharan African currencies have plunged 8% in one year amidst soaring public debts and global uncertainties: IMF
The depreciation has contributed to rising inflation in the region. Notably, inflationary pressures do not decline when local currencies strengthen against the US dollar, IMF says.
Inflation in Africa: Latest data shows worsening figures across the board
Figures show 50% of countries with available data experienced an increase in consumer prices in March.
Ethiopia and Kenya join Ghana in seeking IMF bailout
The three African countries are requesting loans to restore financial stability, worsened by the covid-19 pandemic and global supply chain crunch.
Inflation in Africa: Many countries continue to witness historically high consumer prices
While some countries recorded improved inflation figures, the cost of living across the continent remains prohibitively high.
60% of African countries recorded lower consumer prices in December
Further contractions in consumer prices suggest that central banks’ tactics to curb inflation are productive.
Six of eleven African countries reported an inflation rate drop in November
African consumers are beginning to see steadier prices as 2022 nears its end, according to the latest inflation figures.