Contagion from developed economies has spilled over into Africa. In Ghana, price growth for August was 33.9%, Ethiopia 32.5%, Nigeria 20.5%, and Rwanda 20.4%. Echoing the US Federal Reserve, a number of central banks across the continent have hiked interest rates to help tame inflation.
So far, the move has done little to stem the mounting crisis. Rising food and energy prices are draining government coffers and fuelling a cost of living crisis across the continent, which will push hundreds of thousands of people back into poverty.
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