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Friday, May 24, 2024

SIERRA LEONE RANKS AMONG 10 AFRICAN COUNTRIES WITH THE HIGHEST INFLATION RATES IN 2023

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The country’s inflation rate is at 38.48%, which is only better than Ghana (52.8%), Sudan (83.6%), and Zimbabwe (92.8%) – which has the highest inflation rate and interest rate. Interestingly, Sierra Leone is the only country in the Mano River basin to make the list, as its closest neighbors Guinea and Liberia did not.

Inflation has been a major issue for many countries globally in the past year due to economic complications that cut across borders and continents.

Rising prices are a symptom of high inflation and can be caused by an increase in the money supply or a decrease in purchasing power. High inflation can negatively impact economic growth and development by decreasing investment, slowing economic activity, and increasing poverty.

Governments can take measures to reduce inflation rates, such as reducing the money supply, increasing taxes, and cutting government spending, while promoting price stability and competition in the marketplace.

Several African countries, including Sierra Leone, are currently dealing with high inflation rates, as listed below with their respective inflation rates. The data is courtesy of Trading Economics, a platform that provides accurate information on economic indicators, exchange rates, stock market indexes, government bond yields, and commodity prices for 196 countries.

Rank Country Inflation Rate
1. Zimbabwe 92.8%
2. Sudan 83.6%
3. Ghana 52.8%
4. Sierra Leone 38.48%
5. Ethiopia 32.0%
6. Egypt 31.9%
7. South Sudan 31.3%
8. Rwanda 30.3%
9. Burundi 28.62%
10. Malawi 25.9%
Source: sierraloaded.sl
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